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.
Curaleaf Holdings Inc. operates a cultivation facility in Simsbury and four medical dispensaries in Stamford, Hartford, Groton, and Milford.
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.
