Earnings Roundup: Curaleaf, Green Thumb, Cresco Labs and Others Report Impressive Revenue Growth


Third quarter earnings are out and all of the major cannabis firms have reported their financial results.

Key highlights and links to individual announcements from some of the top operators across the United States are below.

Curaleaf Holdings

Massachusetts-based Curaleaf is the largest U.S. multistate operator (MSO) with operations in 23 states. The 3,000-person company boasts 96 dispensaries, 23 cultivation facilities and over 30 processing sites.

Q3 highlights: Curaleaf reported record third quarter (2020) revenue of $182.4 million — growth of 195% year-over-year and 55% sequentially — on Nov. 17, 2020.

  • Record adjusted EBITDA of $42.3 million, up 51% versus last quarter;
  • Retail revenue increased 206.5%, to $135.3 million;
  • Wholesale revenue grew to $45 million from $6.5 million;
  • Gross profit on cannabis sales was $89.7 million, compared to $42.7 million in Q2;

Between the lines: Curaleaf’s impressive Q3 performance was buoyed by the closing of the GR Companies (Grassroots) acquisition, as well as the purchase of Curaleaf NJ and Maine Organic Therapy assets that were previously managed. The company’s year-to-date managed revenue through September 30, 2020 approached $420 million.

Management commentary: “Curaleaf's record third quarter results were complemented by the successful completion of our acquisition of Grassroots, which expanded our presence into 6 new states, including high-growth markets such as Illinois and Pennsylvania,” CEO Joseph Lusardi said. “As we head into 2021, Curaleaf remains incredibly well-positioned following the transformative legalization of adult-use cannabis in Arizona and New Jersey, and consequently the potential of future adult-use in New York, Pennsylvania and Connecticut. Each of these markets present an enormous opportunity for us, as the only MSO with a leading presence in every one of these states.”

What the analysts are saying: Cowen’s Vivien Azer believes Curaleaf “now solidly looks to be the leading revenue generator among MSOs.” She updated her guidance, projecting that Curaleaf’s full-year revenue would exceed $634 million (from $626.2 million), and raised her price target on CURLF stock to $15 (from $12).

Worth noting: Lusardi will step down on January 1, 2021. Current Curaleaf president Joseph Bayern will take over as CEO and Lusardi will be named executive vice chairman of the board. Bayern joined Curaleaf last December, and previously served as president of Indus Holdings and the CEO of beverage company Voss of Norway.

Green Thumb Industries

Chicago-based Green Thumb Industries (GTI) is one of the largest MSOs in the U.S. with operations in 11 states. The company employs over 2,000 people, owns 93 retail dispensary licenses, and operates 13 manufacturing facilities. Its core brands include Dogwalkers, Rhythm, and Beboe, among others.

Q3 highlights: GTI announced its Q3 financial results on November 11, 2020, reporting 31.3% quarter-over-quarter revenue growth to $157.1 million and positive net income of $9.6 million.

  • Adjusted operating EBITDA increased 50.2% to $53.2 million;
  • Gross margin in Q3 increased 2.2%, to 55.4%;
  • Gross profit reached $87 million during Q3, compared to $32,1 million in Q3 of 2019

Between the lines: GTI generated revenue from sales at 48 retail stores in 10 states — Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. Impressively, the company’s comp sales growth across 25 stores that have been open for at least 12 months exceeded 65%. Meanwhile, quarter-over-quarter comp sales were up 17.9% across 42 stores.

Management commentary: “As we near the close of 2020, Green Thumb is positioned to win,” CEO Ben Kovler said via a release. “We remain focused on distributing our consumer brands at scale and delivering superior consumer experiences while giving back to our communities.”

What the analysts are saying: Vivien Azer said GTI remains her “favorite name in U.S. cannabis.” She pointed to highlighted better than expected sales, profits and cash flow, and raised her price target on GTBIF stock to $25 (from $20)

Cresco Labs

Cresco Labs is one of the largest vertically-integrated cannabis MSOs in the U.S. Based in Chicago, the company has over 2,000 employees across nine states. Cresco Labs owns 29 retail dispensary licenses and boasts 16 facilities with over 604,000 sq. ft. of total cultivation capacity.

Q3 highlights: Cresco Labs announced its Q3 financial results on November 18, 2020, reporting record revenue of $153.3 million and 63% quarter-over-quarter growth.

  • Record adjusted EBITDA of $46.4 million, growth of 182% versus the previous quarter;
  • Retail revenue growth of 60% versus Q2, to $62.8 million;
  • Operational gross profit as a percentage of revenue was 53% during the quarter

Management commentary: “We remain the number one operator in the industry focused on, and delivering results in, the wholesale distribution of branded products,” Cresco co-founder and CEO Charlie Bachtell said via a release. “Our retail is outperforming, and we are generating substantial operating leverage.”

What the analysts are saying: According to Azer, Cresco Labs’ revenue was “well over 30% ahead of consensus estimates. She believes the company’s focus on growing its wholesale business is “paying off,” and expects Cresco to benefit from the forthcoming adult-use market in Arizona where it already has a medical marijuana presence. She raised her estimate on CRLBF stock to $14 (from $10) and maintained an outperform rating.


Trulieve is a vertically integrated cannabis first headquartered in Florida. Founded in 2015, the company has about 4,000 employees and is licensed to operate across six states (Florida, California, Massachusetts, Connecticut, Pennsylvania and West Virginia). Trulieve has been profitable since 2017 and boasts a combined 72 dispensaries in Florida, California, Connecticut and Pennsylvania.

Q3 highlights: Trulieve reported record Q3 revenue of $136.3 million on Nov. 17, 2020.

  • The company achieved adjusted EBITDA of $67.5 million;
  • Cash flow from operations topped $73 million through the first 9 months of the year;
  • Opened nine stores in Q3 and closed its acquisitions of PurePenn LLC and Solevo Wellness in Pennsylvania

Between the lines: The majority of Trulieve’s business is conducted in Florida, where it owns 52% of the medical marijuana market. The company currently has over 1.8 million sq. ft. of cultivation capacity in Florida, and 67 retail locations. A high concentration of medical dispensary locations in Florida has led to increased profitability. Each store averages upwards of $8 million in sales annually, and active patients visit a Trulieve outpost nearly 3 times per month and spend $108 per visit.

Management commentary: “Following an outstanding quarter, industry leading profitability, and our recent entry into two additional states in the northeast, Trulieve has never been better positioned for the future,” CEO Kim Rivers said via a release. “Our third quarter was especially memorable because we introduced the long-awaited edibles product lines to our offerings and announced our acquisitions in Pennsylvania, where we see tremendous growth potential.”

Harvest Health

Harvest Health & Recreation is an Arizona-headquartered MSO with over 1,000 employees and 39 retail licenses. The company operates 12 cultivation and process locations and has a retail presence in Arizona, Arkansas, California, Florida, Maryland, North Dakota and Pennsylvania.

Q3 highlights: On Nov. 10, 2020, Harvest Health reported 11% sequential revenue growth to $61.6 million in Q3.

  • Gross profit totaled $28.7 million, compared to $23.4 million in Q2;
  • Harvest Health reported a net loss of $2.1 million in Q3, compared to $18.3 million in Q2;
  • Adjusted EBITDA was $10.5 million

Between the lines: Harvest opened one new dispensary in Phoenix, Arizona and another in Cranberry Township, Pennsylvania. The company currently operates 15 dispensaries in Arizona, and a combined 37 locations across seven states. In October, the company terminated an agreement to sell two California dispensaries to Hightimes Holdings for $6 million in preferred stock. The company expects full year revenue to exceed $225 million, up from a prior target of around $215 million.

Management commentary: “Our third quarter results demonstrate further progress toward our primary goal of returning to profitability through revenue growth, cost controls, and investments in our core markets of Arizona, Florida, Maryland, and Pennsylvania" Harvest Health CEO Steve White said via a release. "We are focused on preparing for recreational cannabis in Arizona in 2021 and continuing to build on this positive momentum as we execute on our plan."

Columbia Care

Columbia Care is a medical and adult-use cannabis firm that cultivates, manufactures and sells marijuana offerings across several U.S. states. It is licensed to operate in 18 U.S. jurisdictions and the EU. Founded in 2012, the company currently has 76 dispensaries and 24 cultivation and manufacturing facilities.

Q3 highlights: On Nov. 12, 2020, Columbia Care reported 64% quarter-over-quarter revenue growth to $54 million in Q3.

  • Record adjusted gross profit of $21 million;
  • Record adjusted gross margin of 39%;
  • Record adjusted EBITDA of over $4 million

Between the lines: Columbia Care closed its acquisition of Colorado’s The Green Solution in Q3 and announced an agreement to purchase California’s Project Cannabis. The company seems poised to continue growing through M&A opportunities as well as core markets, and it is preparing for adult-use sales to begin in Arizona. Columbia Care said it has accelerated development plans for additional cultivation canopy in Arizona and is ready to launch branded edibles during the second quarter of 2021.

Management commentary: “Our growth strategy and operational discipline resulted in Columbia Care generating another quarter of record results,” Columbia Care CEO Nicholas Vita said via a release. “While we are delighted to announce significant year-over-year and sequential growth in revenue, gross margin and EBITDA, transitioning to an EBITDA positive business is the milestone we have been eager to surpass.”

Tags: Earnings

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