Curaleaf Posts Record Q3 Pro Forma Revenue of $129M

Vertically integrated cannabis company Curaleaf Holdings, Inc. CURA CURLF reported Tuesday its record quarterly pro forma revenue of $129 million for the third quarter of 2019.

The total revenue for the period reached $61.82 million, up 189% on a year-to-year basis.

The company also posted managed revenue for the quarter of $73.2 million, up 33% from the second quarter of 2019 and 201% from the same quarter of 2018.

It achieved a positive adjusted EBITDA of $9 million, up 169% from the previous quarter.

The company disclosed a net loss for the quarter of $7.4 million versus a net loss of $35.6 million in the same quarter of 2018.

It also had a net loss per basic and diluted share of 1 cent per share versus a net loss of 5 cents per share one quarter earlier.

During the third quarter, Curaleaf announced the acquisition of what it said is the biggest U.S. MSO, Grassroots, for around $875 million with the idea to form the biggest cannabis company in the world that will reach additional 19 states.

Among other important quarterly business milestones, the company highlighted that it obtained approval for three final and two provisional adult-use licenses, finalizing purchases of Glendale and Phyto in Arizona and entering into a sale-leaseback with Freehold Properties.

"Our increasing scale along with the incredible efforts of our team around the country who ensure our patients and customers have a superior experience, helped drive the strong financial results we posted this quarter," CEO Joseph Lusardi said in a statement. 

Curaleaf shares were up 11.47% at $6.13 at the time of publication. 

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