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Keith Noonan: The last year has been tough for marijuana stocks. High levels of inflation and rising interest rates have generally depressed equity valuations, and pot stocks have also been pressured by political shifts and other unfavorable industry developments.
Investors have been hoping for a move closer to legalization on the federal level, but Republican control in the House of Representatives seems to make that less likely in the near term. While cannabis stocks, and Curaleaf in particular, could see a significant positive catalyst if the SAFE Banking Act were to be passed and enable banks to deal with marijuana-related companies, that also seems unlikely with a Republican-controlled House.
While Curaleaf's revenue inched up just 1% year over year in the third quarter to reach $339.7 million, its net loss for the period expanded roughly 82% to $51.5 million. With $198 million in cash and $599 million in outstanding debt, Curaleaf may need to sell new stock or secure new loans in the not-too-distant future.
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