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Curaleaf Holdings Inc CURLF

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Morningstar’s Analysis

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Curaleaf Continues Impressive Sales Growth and Margin Expansion in Q2, but Shares Still Undervalued

Analyst Note

| Kristoffer Inton |

Curaleaf reported a strong second quarter that reflected continued momentum. Revenue growth accelerated, up 20% sequentially and 166% over the prior-year quarter to $312 million. Like prior quarters, top-line growth turned into bigger profits. Gross margin expanded almost 700 basis points year over year to 50%, and adjusted EBITDA margin expanded 400 basis points year over year to 28%, excluding the recent EMMAC acquisition. Higher yields, new facilities, and overhead expense leverage all helped drive margin expansion.

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Company Profile

Business Description

Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the U.S. The company has operations in 23 states, including the assets from the Cura Select and Grassroots acquisitions. Its brands include Curaleaf, UKU, Select, and Grassroots. The company acquired EMMAC Life Sciences in March 2021, beginning its foray into the global medical market in competition with Canadian cannabis producers.

Contact
301 Edgewater Place, Suite 405
Wakefield, MA, 01880
T +1 781 451-0150
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 5,535

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