The coronavirus pandemic brought chaos to most other industries, but did the opposite for the marijuana industry.
Even with a limited legal market in the U.S., Curaleaf has done wonders and is carving its path toward success with smart growth strategies.
Very few of the Canadian pot companies have been able to achieve that, even though Canada has federally legalized both medical and recreational marijuana.
It still holds 37 licenses to open additional retail stores in the U.S, with plans to set up 23 dispensaries in 2021 to strengthen its national footprint.
Peer Green Thumb has already solidified its position in the state, where it saw impressive medical cannabis revenue growth in its Q4 ended Dec.
In 2020, it also completed acquisitions of various other cannabis products manufacturers and dispensaries including Select, Curaleaf NJ, Arrow, MEOT, Remedy, Blue Kudu, and Alternative Therapies Group.
Management hopes its recently acquired Select brand, which is now available in 1,700 retail outlets, could make it to 2,000 by the second quarter of 2021.
Curaleaf ended its fourth quarter with $73.5 million of cash on hand and $291.5 million of outstanding debt, net of unamortized debt/bond discounts, which is the difference between the face value of a bond and the amount actually paid for it by investors.
cannabis industry could “grow to $75 billion or $100 billion in size over the next decade.” He is certain that the company, with “its differentiated and innovative products,” will take advantage of this evolving market.
We will know more about its plans for this year when it reports its first-quarter fiscal 2021 results on May 10.