US-based Curaleaf turned over $35.3m in total revenue in the first three months of 2019, up 10% quarter-on-quarter and up 288% year-on-year.
The firm had a gross profit on cannabis sales of $10.62m in the period.
Its adjusted EBITDA in the three months was a loss of $3.69m, widening by more than $3m on the $661k adjusted EBITDA loss it posted in the previous quarter.
Overall, Curaleaf Holdings Inc posted a $10.2m net loss in Q1 2019.
The company listed its first quarter highlights as including the opening of seven new dispensaries in key markets such as Florida, Maryland and New York, building on existing licenses and prior acquisitions.
“In the months since our last earnings release we have continued to execute on our strategy to become the leading vertically integrated multi-state cannabis operator in the United States,” said Joseph Lusardi, Chief Executive Officer of Curaleaf.
“We reported strong organic growth, anchored by our core East Coast markets, and announced several landmark transactions, including the acquisition of Select, that will position Curaleaf to lead the industry forward. The combination of Curaleaf and Select will bring together the largest retailer and largest wholesaler, with the leading wellness and lifestyle brands in the United States, providing substantial opportunities to accelerate revenue growth, achieve significant cost savings and expand overall margins. I am excited for the future as we continue to pursue ways to expand our footprint and integrate across states to create value for shareholders.”
Neil Davidson, Chief Financial Officer of Curaleaf, added, “In addition to Select, we prudently deployed capital focusing on tuck-in acquisitions that will expand our footprint and capabilities in key markets.
“We remain focused on positioning ourselves as the industry leader through prudent capital allocation to deliver strong organic growth. We are confident in our strategy and plans for accelerated growth in the back half of the year, as we build out a national platform and brands with the goal of producing profitable and positive cash flow over the long-term.”Cannabis Business Worldwide