Despite being strong companies, some of these cannabis companies’ shares suffered from the recent industry sell-off.
This acquisition extended its national presence to 15 states, with a total of 73 retail stores open nationwide.
The company took good advantage of its home state, a new cannabis market that legalized recreational marijuana in 2020.
Massachusetts-based Curaleaf Holdings isn’t a profitable cannabis stock yet, but with full-year revenue closer to $1 billion, it won’t be long before the company starts enjoying profits.
Its adjusted earnings before interest, tax, depreciation and amortization came in at $71 million, versus $42 million in the year-ago quarter.
The company remains confident it will achieve full-year revenue at the lower end of the range of $1.2 billion to $1.3 billion, which could also help it achieve profitability this year.
Cresco targets limited-license markets like Pennsylvania, Illinois, and Ohio, which has helped it create brand awareness for its brands like Mindy’s Edibles, High Supply, and more.
The company reported a net loss of $263,000 in the quarter that disappointed investors, compared to a net profit of $25 million in Q3 2020.
Cresco ended the quarter with cash and cash equivalents of $252.8 million, which is allowing it to continue with its expansion plans.
All three pot stocks are trading more than 50% below their 52-week highs, making it the right time to include them in your portfolio.