Curaleaf founder Boris Jordan believes we’re in the midst of a “global paradigm shift” and that his company is at a key “inflection point.” After establishing itself as one of the most dominant players in an emerging U.S. cannabis market — growing revenue 184% to a record-breaking $627 million in 2020 — Curaleaf now has its sights set on Europe.
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.
Cresco Labs announced Thursday its second quarter financial results, reporting record revenue of $94.3 million – a quarter-over-quarter increase of 42%. The multistate cannabis firm, which is headquartered in Chicago, said it experienced 30% or more revenue growth in all of its markets except Massachusetts, where adult-use dispensaries were ordered to close for two months at the beginning of the
Curaleaf Holdings announced Monday its second quarter financial results, reporting record managed revenue of $121.4 million — a quarter-over-quarter increase of 16%. The Massachusetts-based marijuana firm, which last month became the country’s largest cannabis company after closing its acquisition of GR Companies (Grassroots), also said its first half revenue surpassed $226 million.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced Wednesday its second quarter financial results, reporting total revenue of $119.6 million — a quarter-over-quarter increase of 16.6%. The Chicago-based cannabis firm, which boasts 96 retail licenses and has operations in 12 U.S. markets, also said its first half revenue of $222.2 million exceeded total 2019 revenue ($216.4 million).
Acreage Holdings announced Wednesday plans to sell its Baltimore, Maryland medical marijuana dispensary to an unnamed buyer. The sale, which is pending approval from Maryland Medical Cannabis Commission, comes one day after the vertically integrated company said it grew quarter over quarter revenue 12%, to $27.1 million, in Q2.
Harvest Health & Recreation announced Tuesday its second quarter financial results, reporting a net loss of $18.3 million, a slight improvement over the $20 million it lost during the first quarter of 2020. The vertically integrated cannabis firm, which operates 35 dispensaries in seven states, said quarter over quarter revenue increased 26%, to $55.7 million.
Canada’s Tilray (Nasdaq: TLRY) announced its second quarter financial results on Monday afternoon, reporting a net loss of $81.7 million, a substantial decrease for its first quarter net loss of $184.1 million. However, total quarter over quarter revenue for the Nanaimo, British Columbia-based cannabis firm decreased 3.2%, to $50.4 million.
Columbia Care announced Monday its second quarter financial results, reporting a net loss of $27.3 million for the three-month period ending June 30, 2020. The multistate cannabis firm also reported a net loss of nearly $48 million through the first six months of 2020, a slight improvement compared to last year.
Arizona-based multistate operator 4Front Ventures announced its preliminary full-year and fourth quarter 2019 financial results on Monday, reporting an annual revenue increase of 786% to $63.5 million. In a news release, the vertically integrated cannabis firm said its fourth quarter sales of $17.5 million represented a 525% improvement versus the same quarter in 2018.
Canopy Growth Corporation today announced its full year and fiscal 2020 fourth quarter financial results, reporting a net loss of C$1.3 billion ($946 million) for the three-month period ending March 31, 2020. A majority of the eye-popping losses stemmed from previously announced impairment and restructuring charges, which totaled C$743 million.
Aurora Cannabis Inc. yesterday announced its 2020 fiscal third quarter earnings, reporting higher than expected net revenue of more than C$78 million – an 18% improvement from the previous quarter. Aurora’s adult-use sales grew 24% versus last quarter, to C$41.5 million, driven by the launch of value brand Daily Special and a full three months of cannabis 2.0 sales.