Curaleaf had an exceptional start to 2021
I won't be surprised if Curaleaf turns in another great quarter. It completed many acquisitions in 2020 that included cannabis manufacturers and dispensaries across the nation, such as Curaleaf NJ, Arrow, MEOT, Remedy, Blue Kudu, and Alternative Therapies Group.
Few of them contributed to its first-quarter performance. Its revenue grew 170% year over year to $260 million. Its retail revenue grew 231% to $188 million, driven by organic growth in its existing stores and contributions from six new stores across Florida, Maine, and Pennsylvania. The company also credited Arizona for a spurt of revenue in the quarter. The state legalized recreational cannabis in January.
Curaleaf's Select brand, a cannabis oil brand that it acquired from Cura Partners in February for $948.8 million, led to a 254% jump in wholesale revenue to $72 million from the year-ago period. The other acquisitions have yet to show their full potential.