Recreational marijuana sales may not have started yet in Connecticut, but one of the sector”™s major players just posted a 166% increase in revenue.
Headquartered in Wakefield, Massachusetts, Curaleaf has said it plans to apply for hybrid licenses to add recreational product at its four dispensaries; once the state finalizes its commercial cannabis-related regulations, Curaleaf could add more operations around the state.
It operates 108 retail dispensaries around the country.
For the second quarter, Curaleaf reported a $7.2 million loss, compared with a $2 million loss in the year-ago quarter.
It attributed the latest loss to one-time charges related to its acquisition of London”™s EMMAC Life Sciences Ltd., which has been renamed Curaleaf International. The company posted a $17.2 million loss in the first quarter of this year.
However, Q2 2021 revenue rose to $312.2 million.
“July saw the introduction of the most comprehensive cannabis reform ever proposed at the federal level,” Curaleaf Executive Chairman Boris Jordan said. “Combined with U.S. state-level liberalization and the significant investments we are making in cultivation, production and distribution, Curaleaf is creating a strong foundation for future growth.”
Jordan said that the combined markets of Connecticut, New York and New Jersey represents a potential new $8 billion annual market opportunity.
“Looking ahead, our strategic investments in innovation and technology will deliver processing advantages and consumer-focused product differentiation to fuel our growth into 2022 and the years beyond,” CEO Joe Bayern said.