- Second quarter 2024 income of $342 million, representing a 2% year-over-year enhance and adjusted gross margin(1) of 48%
- Second quarter worldwide income elevated 78% yr over yr
- Second quarter 2024 working money move from persevering with operations of $30 million and free money move from persevering with operations of $6 million
STAMFORD, Conn., August 7, 2024 – PRESS RELEASE – Curaleaf Holdings Inc., a number one worldwide provider of client hashish merchandise, has reported its monetary and working outcomes for the second quarter ended June 30, 2024. All monetary info is reported in accordance with usually accepted accounting ideas in the US (GAAP) and are offered. in US {dollars}, except in any other case indicated.
“Second quarter income was $342 million, up 2% and adjusted gross margin of 48% was up 253 foundation factors in comparison with final yr,” mentioned Curaleaf Government Chairman Boris Jordan . “Our gross margin confirmed constant enchancment every month through the quarter with June popping out at 50%. Adjusted EBITDA was $73 million or 21.3%. To date, the primary half of 2024 has developed as we led We’re starting to see the advantages of the work we began 18 months in the past to simplify the enterprise, drive effectivity in our cultivation amenities, and exploit home and worldwide progress alternatives.
“Seeking to the second half of the yr, these actions will drive an acceleration in each our income and our margins as state and nation catalysts proceed to develop, together with New York, Ohio and Germany. Moreover, In June, Curaleaf launched The Hemp Firm to increase the Choose model to shoppers that we don't attain right this moment with responsibly sourced, secure and confirmed hemp-derived THC drinks. Our international strategic imaginative and prescient is performed on many fronts, however there’s way more for us to attain”.
“Curaleaf continues to execute on its imaginative and prescient of being the worldwide chief in hashish,” mentioned Curaleaf CEO Matt Darin. “We’re at an important second for our trade, on the cusp of federal reform, and the longer term is vivid. Our worldwide enterprise has skilled very good progress of 78% year-on-year led by the UK, Germany and the contributions from the acquisition of Northern Inexperienced. With this worldwide progress in Q2, Curaleaf leans in its evolution from an MSO to a multi-country operator, a time period that represents our international imaginative and prescient and the enterprise that extends in 15 international locations.
“We consider that the market will in the end reward corporations which have a portfolio of world manufacturers which can be trusted by shoppers worldwide. We additionally increase the attain of shoppers by leveraging distribution channels that aren’t accessible in our regulated enterprise .We introduced our entry into the hemp-derived THC market with two product traces, Choose edibles and Choose Zero Proof seltzers, bought by way of our direct-to-consumer web site, TheHempCompany.com, which at the moment ships to greater than half of the US and thru distribution companions.”
https://www.cannabisbusinesstimes.com/information/curaleaf-second-quarter-financial-results-2024/
