Curaleaf exceeds $1B in revenue for the first time
Photo | Courtesy of Curaleaf
Curaleaf's marijuana dispensary in Oxford
Curaleaf Holdings Inc., an international cannabis company headquartered in Wakefield with dispensaries in Oxford and Webster, reported a total 2021 revenue of $1.2 billion.
This milestone revenue marks the first time that Curaleaf exceeded over one billion in revenue since the company was founded in 2010, according to the announcement from Thursday. The new annual revenues demonstrate a 93% increase when compared to last year’s total of $627 million.
While the cannabis company’s revenue grew, Curaleaf ultimately reported a net loss of $102 million for 2021. The net loss is a significant drop compared to 2020’s net loss of $57 million.
After the earnings report was released on Thursday afternoon, Curaleaf's stock price decreased on the NASDAQ from $6.11 per share on Thursday afternoon to $5.89 on Friday morning. On Monday morning, the stock price fell further to $5.62 per share.
During 2021, Curaleaf made several significant acquisitions such as Los Sueños Farms in Colorado, the largest outdoor grow facility in the state, and EMMAC Life Sciences Group, a European pharmaceutical company which will allow Curaleaf to enter a new market.
“Looking to 2022, we remain focused on executing our plan for strong, above-market revenue growth and margin accretion, and believe we are incredibly well positioned to benefit from significant near-term catalysts such as the anticipated launch of New Jersey's adult use market," said Boris Jordan, Executive Chairman of Curaleaf Holding Inc., in a press release.
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