Curaleaf Expands Dispensaries and Adult-Use Sales in NY
The TDR Three Key Takeaways Regarding Curaleaf Expands in New York and Earnings Estimates
- Curaleaf is opening two new medical dispensaries in Rochester and Syracuse, expanding its New York presence to six locations.
- Existing Curaleaf stores in Plattsburgh and Forest Hills will now offer both medical and adult-use cannabis sales.
- Curaleaf reports earnings on August 7th; we estimate FY 2024 Revenue to be $1.43B.
Curaleaf Holdings (TSX:CURA, OTC:CURLF) announced the opening of two new medical dispensaries in Rochester and Syracuse, alongside the initiation of co-located adult-use sales at existing dispensaries in Plattsburgh and Forest Hills. This expansion increases Curaleaf’s retail footprint in New York to six locations, with three offering both medical and adult-use cannabis. The Rochester dispensary will open today, while the Syracuse location will open soon, pending regulatory approval. Co-located adult-use sales began in Plattsburgh on July 20, and will start in Forest Hills on July 26. Each new dispensary will have three full-time pharmacists to help patients.
Curaleaf Rochester will celebrate its grand opening on July 26, and the Syracuse grand opening will be announced after regulatory approval. Customers can enhance their shopping experience by joining Curaleaf Rewards for special offers and discounts.
Matt Darin, CEO of Curaleaf, expressed gratitude to the Office of Cannabis Management for approving the expansion. He stated publically: “We thank the Office of Cannabis Management for approving us to expand our operations to ensure even more New York patients and customers have access to licensed, tested cannabis across the state. From Rochester to Forest Hills, our team members are eager to welcome the newest members of our cannabis community while continuing to provide medical patients with the high-quality service and products they deserve. This is an exciting step forward for our retail operations in New York, which we consider to be a key founding state for the Curaleaf brand.”
The expansion of Curaleaf’s presence adds to the diversification. Curaleaf is now in 17 US States, with 145 dispensaries and 19 cultivation sites. How is this expansion helping Curaleaf’s earnings? We will find out on Wednesday, August 7th, after the market closes, with a formal conference call at 5 p.m. EST the same day. At TDR, we launched formal research on Curaleaf at the end of May this year, which can be viewed on the website. Curaleaf is reporting Q2 2024 earnings, which marks the halfway point of its 2024 strategic plan. We estimated total revenue in 2024 of $1.43B with a total annual EBITDA of $256.51. At the halfway point of the year, it would be beneficial if the company could reach at least 45% of the goal, which would still allow for some growth acceleration for the rest of the year. We will share our take after the earnings and see if our 2024 estimates need to be revised.
