Curaleaf Reports Record First Quarter 2020 Financial and Operational Results Reported Record Pro Forma Revenue(1)(2) of $147.4 Million and Managed Revenue(1) of $105.0 Million; Generated $20.0 Million of Record Adjusted EBITDA(1) as Operations Across 17 States Continue to Scale; Completed Acquisitions of Select and Arrow in Connecticut Securing Vertical Integration; Completed Negotiations to Finalize the Closing of the Grassroots Acquisition Which is Expected to Close by the End of the Second Quarter
WAKEFIELD, Mass., May 18, 2020 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading vertically integrated cannabis operator in the U.S., today reported its financial and operating results for the first quarter ended March 31, 2020. All financial information is provided in U.S. dollars unless otherwise indicated.
First Quarter Highlights
Reported record managed revenue of $105.0 million, which grew 29% sequentially Reported record total revenue of $96.5 million, which grew 28% sequentially Record Adjusted EBITDA of $20.0 million, which grew 45% sequentially Closed $300 million senior secured term loan facility Opened Company’s second adult-use dispensary and the first adult-use dispensary on Cape Cod in Provincetown, MA and the Company’s third adult-use dispensary in Ware, MA Completed acquisition of Select and enhanced management team with key leadership appointments Won retail and processing licenses in Utah and received Clinical Registrant Designation by the Pennsylvania Department of Heath permitting Curaleaf to open a cultivation and processing facility and up to six dispensaries under the Commonwealth’s medical marijuana research program
Post First Quarter Highlights
Closed the acquisition of Arrow in Connecticut with retail locations in Hartford, Milford and Stamford allowing Curaleaf to become vertically integrated in the state
Joseph Lusardi, Chief Executive Officer of Curaleaf stated, “Curaleaf delivered record first quarter results, highlighted by managed revenues exceeding our outlook as well as a