Cannabis company Curaleaf had a record second quarter 2021 for cannabis revenues. Curaleaf recently released its financial and operating results for Q2 2021, and the results show that the global business generated more than $300 million from cannabis operations over a three-month period. This represented a significant increase in returns for Curaleaf over the previous quarter, as well as a continuation of an upward trend dating back to last year.
What does Curaleaf’s continued success mean for the cannabis industry in general Keep reading to find out.
Curaleaf Generated Record $312 Million in Cannabis Revenues During Q2 2021
Curaleaf’s official financial results for the recent quarter ending on June 30 confirmed the company’s status as one of the world’s largest providers of cannabis products for consumers in both the United States and Europe. Those results were revealed to investors, as well as the public, in a company earnings call on August 9. Curaleaf achieved more than $312 million in cannabis revenues during the second quarter, with U.S. operations accounting for $307 million of that total. This was a 20% increase over Q1 2021, and a remarkable 166% increase over total revenues of $117 million in the second quarter of 2020.
Some of Curaleaf’s most notable domestic business transactions during the second quarter included the following:
- Acquiring Los Suenos, a 66-acre outdoor grow facility located in Colorado.
- Opening new cannabis dispensaries in Illinois, Maine, New Jersey, and Pennsylvania.
- Launching a strategic partnership with Rolling Stone, including a specific focus on Curaleaf’s Select brand.
Cannabis Industry Excited About the Curaleaf’s Future
Boris Jordan, Curaleaf’s executive chairman, said that the company’s future is bright in no small part because it has “a strong foundation” that includes expansion into burgeoning cannabis markets in New York, New Jersey, and Connecticut. According to Jordan, these new adult-use markets in the Eastern U.S. offer up to $8 billion in “annual addressable market opportunity” for Curaleaf.
Joe Bayern, the Chief Executive Officer of Curaleaf, said that the company’s record second quarter results are a strong indicator of its position as an industry leader for both cannabis cultivation and distribution. Bayern added that Curaleaf’s “strategic investments in innovation and technology will deliver processing advantages and consumer-focused product differentiation” to fuel company growth in the years ahead.
Curaleaf International Gives Cannabis Company Strong Presence in European Market
During Q2 2021, Curaleaf also completed its acquisition of EMMAC, the largest vertically integrated cannabis business in Europe. Additionally, the company established Curaleaf International in the second quarter, which should provide further opportunities for financial growth. Curaleaf Executive Chairman Boris Jordan noted that Curaleaf’s entry into the Greater European cannabis market gives the company access to “a potential market size twice that of the United States.”
Contact Scythian Cannabis Real Estate Today
Curaleaf is one of the largest and most successful cannabis companies in the United States, with 108 dispensaries in 23 states, as well as 22 cannabis cultivation sites and more than 30 cannabis processing sites. One of Curaleaf’s partners is Scythian Real Estate, which works with many of the country’s most sophisticated cannabis operators. Scythian leases the properties for three (3) dispensaries operated by Curaleaf through Grassroots Cannabis in North Dakota and Pennsylvania.
If you are a cannabis operator interested in expanding into a new cannabis market, contact Scythian today.
PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.