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Cannabis Summary for Jan. 6, 2020

2020-01-06 19:54 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index fell 8.52 points to 392.22 Monday. Joseph Lusardi and Boris Jordan's United States-based Curaleaf Holdings Inc. (CURA) lost 31 cents to $7.83 on 355,700 shares after being awarded a medical cannabis retail licence for Utah. The company says it expects to open the dispensary in Lindon, Utah, "later this year," so the opening does not appear to be imminent. The Utah Department of Health awarded 14 licences (out of 130 applications from 60 companies), which allow the recipients to open a medical cannabis dispensary in the state. Medical cannabis has been legal in Utah since November, 2018, while recreational cannabis remains illegal.

Curaleaf is currently operating 51 dispensaries spread across 12 states. Its most widespread presence is in Florida, where Curaleaf is operating 28 stores. As the company opened more and more dispensaries in 2019, its revenues steadily climbed. Curaleaf had $35.2-million (U.S.) in revenue in Q1, followed by $48.4-million (U.S.) in Q2 and $61.8-million (U.S.) in Q3. Unlike in Canada, this kind of revenue growth is commonplace for the U.S.-based cannabis producers. Curaleaf's shares rose from $6.40 to $8.18 in 2019. While that looks like a modestly healthy gain, today's closing price of $7.83 is a long way from Curaleaf's high of $15.75, which it hit in April.

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