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Jelena Martinovic

Curaleaf Holdings To Report Q1 Results In Anticipation Of New Jersey Legal Cannabis Launch

Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) will report its financial and operating results for the first quarter ended March 31, 2022, after market close on May 9, 2022.

Management will host a conference call and audio webcast that evening at 5:00 p.m. ET consisting of prepared remarks followed by a question and answer session related to the company's operational and financial highlights.

Conference Call Details

  • Date: Monday, May 9, 2022
  • Time: 5:00 p.m. ET
  • Live Call: +1-888-317-6003 (U.S.), +1-866-284-3684 (Canada) or +1-412-317-6061 (International)
  • Passcode: 8760576
  • Webcast:

Q4 Earnings & Analyst Reaction

Curaleaf announced its financial results for the fourth quarter and year ended December 31, 2021, a month ago, revealing record fiscal year 2021 revenue and Adjusted EBITDA of $1.2 billion and $298 million, representing an increase of 93% and 107%, respectively.

Cantor Fitzgerald's Pablo Zuanic lowered the price target to $15.50 from $16.50 on the company's stock following the earnings release on reduced estimates.

However, Zuanic emphasized that Curaleaf stock is still among Cantor Fitzgerald's top picks in the multi-state operators' group.

He called the company well-positioned to benefit from the "green wave" in the eastern states, with New Jersey planning to start adult-use sales in the second quarter of the year.

After all, Curaleaf was recently named on TIME100's Most Influential Companies list – an extension of TIME100's annual list of the world's most influential people – that highlights 100 companies making an extraordinary impact around the world.

When Will New Jersey's Marijuana Sales Begin?

In the meantime, New Jersey's regulator (CRC) for the state's nascent cannabis industry recently rejected applications from eight medical marijuana operators - dubbed Alternative Treatment Centers and all owned by MSOs - to launch adult-use sales.

Curaleaf's founder and chairman Boris Jordan was one of many disappointed cannabis entrepreneurs who did not take the news well.

"Frustrating day in NJ – once again, the goalposts have been moved & the will of the people and the Governor is being ignored! We will continue to fight for what the NJ voters decided they want – a safe & regulated adult-use cannabis marketplace," Jordan said in a recent Tweet at the time. Jordan, by the way, will be delivering a keynote at the Benzinga Cannabis Capital Conference, to be held April 20-21 in Miami Beach.

While Zuanic questioned the "motivations/intentions of the CRC and constant delays," in his recent note, he stressed that New Jersey is still on track to beat Massachusetts in terms of launching its legal marijuana market, approved by voters in November 2020.

Still, he thinks recreational sales might begin in the Garden State by mid-May despite this setback.

Photo: Courtesy of Giorgio Trovato on Unsplash

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