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Curaleaf Surpasses $1 Billion in Annual Revenue

March 8, 2022

Wakefield, Massachusetts-based Curaleaf reported earnings for the quarter and year ended in December, in which quarterly revenue was up 1% sequentially to $320 million. That figure is a $90 million improvement from the same period last year. Highlights for the period included the opening of eight dispensaries in Florida, Colorado, and Arizona, definitive agreements to acquire multi-state operator Tryke Companies, Arizona dispensary Natural Remedy, and Arizona-based Bloom Dispensaries, as well as signing a national distribution agreement with Southern Glazer’s for Curaleaf’s Select CBD product line. Curaleaf achieved an adjusted EBITDA of $80 million for the quarter.

For the full year, Curaleaf saw revenues rise to a record $1.2 billion, nearly double its full year 2020 revenue of $626 million. That breaks down to $860 million from retail, $347 million from wholesale, and $2.3 million from management fee income. Growth was driven primarily by new store openings, expansion of cultivation and production capacity, and new product introductions. Curaleaf’s full year adjusted EBITDA shook out to $298 million, more than double the figure for the previous year.

“In 2021, we made significant progress strengthening all areas of our business including growing our retail and wholesale distribution, introducing new products, expanding our cultivation and production capacity, and entering new markets,” said CEO Joe Bayern, adding that Curaleaf expects to see “significant growth opportunities” this year as well.—Danny Sullivan

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