Curaleaf Expands Retail Footprint As Sales Rise 8%August 16, 2022
Massachusetts-based multi-state operator Curaleaf saw sales climb 8% sequentially to $338 million in the three months through June, with adjusted EBITDA reaching $86 million. Retail revenue increased 13% to $252 million, driven by new openings in Arizona, Florida, Maine, Pennsylvania, and the advent of recreational sales in New Jersey. Wholesale revenue fell 6% to $84 million, driven by conditions in California and Colorado.
During the quarter, Curaleaf opened seven new retail locations to bring its count to 136 nationwide, along with 2,200 wholesale partners. The company is now operates across 22 states and has 26 cultivation sites. Curaleaf also launched Endless Coast Cannabis Seltzers, further bolstering the small but growing category. Endless Coast joins the company’s namesake brand, Select, and Grassroots in the brand stable. Elsewhere, a distribution agreement with WB Canna Co. & Wellness will launch Curaleaf’s Select CBD line throughout Central America and the Caribbean.
“This quarter we continued to grow our retail footprint, expand our distribution partnerships and launch innovative new product lines that excite consumers and invigorate the industry,” said CEO Matt Darin. “The power of our platform, our products and our people is undeniable, and we are now realizing the impact of our long-term strategy both in the U.S. and abroad.”—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.