RE:RE:RE:RE:RE:Cannabis stocks grossly oversold regarding schedule 3Luminous wrote: Hope Cura ceases to be a MSO and recatagorized as an MCO (multi country operator).
2024-05-09 16:14 ET - News Release
Mr. Boris Jordan reports
CURALEAF REPORTS FIRST QUARTER 2024 RESULTS
Curaleaf Holdings Inc. has released its financial and operating results for the first quarter ended March 31, 2024. All financial information is reported in accordance with U.S. generally accepted accounting principles (GAAP) and is provided in U.S. dollars unless otherwise indicated.
Boris Jordan, Executive Chairman of Curaleaf, stated, "Consistent with our expectations, first quarter revenue grew 2% to $339 million, and we achieved a 48% adjusted gross margin. Adjusted EBITDA margin(1) was $77 million or 23% of sales, expanding 40bps from last year. We ended the first quarter with $105 million of cash on the balance sheet, and generated operating and free cash flow from continuing operations(1) of $46 million and $33 million, respectively. We have started to redeploy this cash toward reducing leverage on our balance sheet, as seen by the $15 million bond repurchase executed in April. At this important inflection point in our industry and our Company, on the heels of rescheduling news, our expanded custody solutions and the advances in Europe, Curaleaf has evolved from an MSO to an MCO, a multi-country operator, a term which represents our global vision and business that today spans over 15 countries across the world. With each ensuing quarter, we will create further separation from our peers because of the strategic global lens through which we operate. We are very encouraged by the catalysts thus far with more on the horizon, and our success and future potential would not be possible without our global team members. I thank them all."