Third quarter earnings are out and all of the major cannabis firms have reported their financial results.
Key highlights and links to individual announcements from some of the top operators across the United States are below.
Massachusetts-based Curaleaf is the largest U.S. multistate operator (MSO) with operations in 23 states. The 3,000-person company boasts 96 dispensaries, 23 cultivation facilities and over 30 processing sites.
Q3 highlights: Curaleaf reported record third quarter (2020) revenue of $182.4 million — growth of 195% year-over-year and 55% sequentially — on Nov. 17, 2020.
Record adjusted EBITDA of $42.3 million, up 51% versus last quarter; Retail revenue increased 206.5%, to $135.3 million; Wholesale revenue grew to $45 million from $6.5 million; Gross profit on cannabis sales was $89.7 million, compared to $42.7 million in Q2;
Between the lines: Curaleaf’s impressive Q3 performance was buoyed by the closing of the GR Companies (Grassroots) acquisition, as well as the purchase of Curaleaf NJ and Maine Organic Therapy assets that were previously managed. The company’s year-to-date managed revenue through September 30, 2020 approached $420 million.
Management commentary: “Curaleaf’s record third quarter results were complemented by the successful completion of our acquisition of Grassroots, which expanded our presence into 6 new states, including high-growth markets such as Illinois and Pennsylvania,” CEO Joseph Lusardi said. “As we head into 2021, Curaleaf remains incredibly well-positioned following the transformative legalization of adult-use cannabis in Arizona and New Jersey, and consequently the potential of future adult-use in New York, Pennsylvania and Connecticut. Each of these markets present an enormous opportunity for us, as the only MSO with a leading presence in every one of these states.”
What the analysts are saying: Cowen’s Vivien Azer believes Curaleaf “now solidly looks to be the leading revenue generator among MSOs.” She updated her guidance, projecting