Cannabis company Curaleaf has reported another all-time high for cannabis revenues in a single quarter. The multi-state cannabis operator saw its cannabis sales exceed $300 million during the third quarter of 2021, while also showing significant growth in terms of earnings before interest, taxes, and depreciation (EBITDA). Curaleaf’s continued financial success is representative of broader success for the U.S. cannabis industry, particularly with more and more states looking to legalize marijuana for recreational use.
To learn more about the record cannabis revenues for Curaleaf in Q3 2021, keep reading this blog.
Curaleaf Financial Results Show All-Time High for Quarterly Cannabis Revenues
Curaleaf, an international cannabis company, has released its financial and operating results for Q3 2021. According to the data, Curaleaf had third quarter revenues of more than $317 million. This was a small increase over second quarter revenues, and a significant increase of 74% over the third quarter of 2020. The gross profits on Curaleaf’s cannabis sales in the third quarter were more than $144 million.
Projections for the rest of the year are strong, with the company currently on track to reach $1.2 billion in annual revenues. This is within the range of Curaleaf’s annual revenue guidance, which was between $1.2 billion and $1.3 billion.
Curaleaf Expanding Operations into New State Cannabis Markets
Curaleaf Executive Chairman Boris Jordan reflected on the past few months and said that the company has succeeded in large part by “prioritizing growth and gaining market share.” Curaleaf Chief Executive Officer Joe Bayern echoed that sentiment by noting that the company is in excellent position for long-term growth due to the strategic development of its retail and wholesale presence in a number of burgeoning state cannabis markets.
In October, Curaleaf announced the acquisition of Los Suenos Farms in Pueblo County, Colorado, giving the company another source for cannabis cultivation and bringing Curaleaf’s total cultivation capacity to roughly 4.4 million square feet. Other major deals in the second quarter included an agreement to acquire vertically integrated multi-state cannabis operator Tryke Companies, which cultivates and supplies cannabis to dispensaries in Arizona, Nevada, and Utah. The Tryke deal, in particular, will boost Curaleaf’s cash flow and profit margins since Tryke operates Reef dispensaries in multiple cannabis markets.
Other third quarter highlights for Curaleaf included the following:
- Opened cannabis dispensaries in New Jersey and Maine. Curaleaf now has a total of 109 retail marijuana locations in the United States.
- Introduced the Select Squeeze brand beverage enhancer in the Michigan, New Jersey, and New York markets. The in-house branded product is infused with THC.
- Launched the Cliq by Select premium vape system, an in-house branded product with a proprietary pod. The vape product is now available in several markets, including Arizona, California, Nevada, and Oregon.
Contact Scythian Cannabis Real Estate
Scythian Real Estate is a privately held cannabis real estate fund with numerous properties throughout the U.S. One of Scythian’s partners is Curaleaf, which has several dispensaries operating under the name Grassroots Cannabis. If you are a cannabis company looking to expand operations into new state markets, Scythian can assist you. Send us an email today.
PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.