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Cannabis Summary for Aug. 9, 2022

2022-08-09 20:14 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 5.11 to 42.02, while the CSE Composite Index added 1.59 to 283.34. Boris Jordan's U.S. MSO (multistate operator), Curaleaf Holdings Inc. (CURA), added 15 cents to $7.23 on 519,500 shares, after releasing its second quarter financials yesterday after the close.

Curaleaf trumpeted record revenue of $337.5-million (U.S.). This exceeded analysts' predictions of $334-million (U.S.) and represented a satisfying 8-per-cent jump from $313.0-million (U.S.) in the first quarter, helped by higher sales in New Jersey (where Curaleaf was one of the first operators able to start selling recreational cannabis in April). Adjusted EBITDA of $86.1-million (U.S.) also exceeded analysts' predictions of $81.0-million (U.S.).

True profits remained elusive. Net loss came to $28.3-million (U.S.) or four U.S. cents a share, considerably worse than analysts' predictions of 2.4 U.S. cents a share. Curaleaf is also feeling the pinch of "macro pressures ... of inflation and economic uncertainty," as management stated during its conference call. Executive chairman Mr. Jordan said the company now expects to land "closer to the bottom end" of its full-year revenue guidance of $1.4-billion (U.S.) to $1.5-billion (U.S.). He cheered up soon enough, dubbing himself "delighted" with the overall results and proclaiming that he "couldn't be more excited about what's in store."

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