Multistate marijuana company Curaleaf posts higher revenues, losses

Curaleaf Holdings, a multistate cannabis operator, reported revenue of $48.5 million in the second quarter, more than triple the $14.6 million in revenue during the same period of 2018.

The Massachusetts-based company lost $24.4 million in the quarter, ending June 30, mostly due to noncash items and one-time, acquisition-related charges. That’s compared with a loss of $6.4 million in its second quarter of 2018.

In July, Curaleaf agreed to buy privately owned cannabis company Grassroots for $875 million in cash and stock.

Curaleaf also announced it is selling six cultivation, processing and retail buildings in Florida, Massachusetts and New Jersey to newly formed real estate investment company Freehold Properties for $28.3 million.

The agreement calls for Freehold to lease back the buildings to Curaleaf.

Curaleaf also was in the news recently for receiving a warning from the FDA about making medical claims around its CBD products. Curaleaf responded by removing such claims from its website and social media sites.

Curaleaf trades on the Canadian Securities Exchange under the ticker symbol CURA and on the U.S. over-the-counter markets as CURLF.

For more details about Curaleaf’s second-quarter report, click here.

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