Curaleaf Revenues Rise 14% Year-On-YearMay 23, 2023
Curaleaf has posted first-quarter revenue down 2% sequentially to $336.5 million, but up 14% from the same period last year. That longer-term growth was driven by new retail openings and the introduction of 171 new products last year. Retail revenue totaled $273 million in the three months ended March 31 and wholesale revenue reached $62.1 million. The company took a net loss of $54.4 million and logged an adjusted EBITDA of $73.2 million.
Highlights from the quarter included the opening of three dispensaries in Florida, bringing the company’s total there to 58. Curaleaf shuttered operations in California, Colorado, and Oregon, which it anticipates will bring cost savings and an improved inventory position. It launched Jams, an edibles brand, in Arizona and Florida, and it began sales in Connecticut.
“Since I moved into the CEO role one year ago we’ve moved decisively to maximize opportunities in high growth markets while scaling back from unprofitable markets,” said CEO Matt Darin. “We are laser focused on operating efficiencies in every aspect of our business both in the U.S. and Europe, establishing a lean asset base from which we will drive margin improvements, operating leverage, and cash generation. Our focus is on profitable, responsible growth as we continue to innovate new products, strengthen our brand portfolio, and deliver a best in class retail experience.”—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.
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