Curaleaf Holdings, Inc., which owns one of four legal cannabis cultivation facilities in Connecticut, reported a $7.2 million loss in 2021’s second quarter, as revenue grew significantly to $312.2 million.
Curaleaf this week reported a second-quarter loss of $7.2 million, or -1 cent per diluted share. In 2020’s second quarter, the cannabis manufacturer and retailer posted a $2 million loss, or 0 cents per diluted share.
In a statement accompanying the 2Q results, the company attributed the loss to one-time charges related to Curaleaf’s acquisition of London-based cannabis company EMMAC Life Sciences Limited, now known as Curaleaf International.
The loss is an improvement over 2021’s first quarter, when Curaleaf posted a loss of $17.2 million, or -3 cents per diluted share.
However, Curaleaf’s revenue grew between May and June, garnering $312.2 million, a 165% jump from the same period last year, when the company took in $117.5 million.
Curaleaf’s second-quarter results come as the company is gearing up to expand in Connecticut, amid the state’s efforts to stand up a legal adult-use cannabis market.
In addition to its cultivation facility in Simsbury, Curaleaf runs four Connecticut medical dispensaries in Hartford, Groton, Milford and Stamford. Patrik Jonsson, the company’s regional president of the Northeast, said Curaleaf will apply to convert medical licenses at all five locations to hybrid licenses so it can sell to both medical and recreational customers. The company said it is waiting on final regulations before it decides on whether to add more in-state retail locations.
In general, Curaleaf expects to double its revenue in Connecticut through adult-use sales, but the company is still running numbers to figure out more specific projections based on yet-to-be established rules and regulations, Jonsson said.
