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Acreage, Curaleaf, And Harvest Health Ride Rising Tide

August 17, 2021

Amid the slew of earnings reports in recent days, Harvest Health, Curaleaf, and Canopy Growth partner Acreage Holdings released results, all showing marked improvement in their financial positions. First up, Wakefield, Massachusetts-based Curaleaf had an excellent quarter with revenue up 20% sequentially to $312 million for the three months ended June 30. The company showed a net loss of $7.2 million, but adjusted EBITDA hit $84.4 million.

At Harvest Health, which announced in May its pending acquisition by Florida-based Trulieve, revenue passed the $100 million mark for the first time, topping out at $102.5 million, up from $88.8 million the quarter before. Based in Arizona, Harvest has a strong retail presence in the state’s burgeoning recreational scene as well as California’s, in addition to numerous dispensary locations in robust medical markets in Pennsylvania and Florida. Harvest’s adjusted EBITDA registered $28 million for the quarter.

Finally, Acreage Holdings made good progress from a smaller base. Net revenue for the second quarter rose 15% sequentially to reach $44.2 million, driven by gains in Acreage’s retail and wholesale operations alike. Acreage’s adjusted EBITDA was at $8.1 million, compared to a loss of $6.5 million a year earlier. Canopy Growth has a plan in place to acquire Acreage upon federal legalization of cannabis in the U.S.—Danny Sullivan

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