Curaleaf’s Sales Top $1.3 Billion As Retail Rollout Continues
May 2, 2023Massachusetts-based multistate operator Curaleaf has posted sales up 12% to $1.34 billion for 2022, with adjusted EBITDA increasing 17% to $305 million. Sales were lifted by ongoing retail expansion for the company, which now has 152 locations nationwide, including five new stores in Florida that came online this year.
“We launched 171 new products, introduced three new brands, opened 28 new stores, (and) completed six acquisitions,” over the course of the fiscal year, noted Curaleaf CEO Matt Darin. “Further, we sold over $600 million of our own brands through our own stores, which speaks to the strength of our retail business as a key competitive advantage.” Curaleaf’s brand launches in 2022 included Endless Coast, Find, and Plant Precision, targeting a variety of price points, with the company adding that new products accounted for approximately 18% of its full-year revenue.
Most recently, in the fourth quarter, the company debuted Find, a flower brand “meeting the trend of the economizing consumer with high quality cannabis flower at an accessible price point.” The new label is intended to capitalize on consumer demand for affordable flower amid widespread price compression in the industry. While Curaleaf turned in positive adjusted EBITDA, it took a net loss of $370 million for the year as it incurred higher expenses as well as $225 million in non-cash good
will impairments and inventory writedowns mainly linked to its recent exits from the California, Colorado, and Oregon markets.—Daniel Marsteller
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