Multi-state operator Curaleaf, released record results for Q4 and 2020 and announced plans to move into the European market. The results enforce its position as a leading player in the U.S. as more states legalize REC and the push for federal reform intensifies.
The Wakefield, Mass.-based company reported total revenue of 230.3M for Q4, up 205% year-over-year and total annual revenue of $626.6M, up 184% year-over-year.
- Curaleaf also announced a definitive agreement to acquire London-based EMMAC Life Sciences Group, which it describes as Europe’s largest vertically integrated independent cannabis company. Curaleaf said it would pay $286M for EMMAC, 85% in stock and 15% in cash.
- The results open what stock analyst Alan Brochstein anticipates will be a “very solid earnings season” for American operators.
New Cannabis Ventures
- Separately, VC firm Arcadian Capital is pushing forward with a lawsuit (Paywall) against Curaleaf for an unpaid finder's fee related to Curaleaf's 2020 acquisition of vape brand Select. Curaleaf didn't immediately respond to a request for comment.
- A lawsuit accuses Canadian operator Canopy Growth and several partners of a complex stock pumping scheme. Former Canopy subsidiary RIV Capital said the suit was "entirely without merit." Canopy told MJBiz it doesn't comment on pending litigation.