Curaleaf Sets Revenue Record in 2023
In 2023, Curaleaf, the cannabis company founded by former NTV CEO Boris Jordan, achieved record-breaking revenue and outperformed all competitors in the American cannabis industry in terms of sales. The company earned $1.35 billion, a 6% increase over 2022, when it first became the highest-grossing cannabis company in the United States. Gross profit reached $614.4 million, with the profit margin rising to 46%.
Despite these impressive numbers, Curaleaf remained unprofitable due to high expenses, posting a net loss of $281.2 million. However, the good news is that this loss was 24% lower than in 2022.
Wholesale Cannabis Sales and Market Outlook
Curaleaf CEO Matt Darin commented on the results: “Wholesale cannabis sales in the U.S. market grew by 15%, and our total U.S. business revenue increased by 9%, surpassing $1 billion for the first time. We are optimistic about the prospects for our brands and innovative products, as well as our potential in the recreational cannabis market.”
However, investors do not share Darin’s optimism. Curaleaf’s stock price dropped 5% in the last 24 hours and 21% over the past month. Clearly, shareholders are selling off their stock because the company’s losses prevent it from paying dividends.
Expansion Plans for 2024
Curaleaf expects to earn even more in 2024 by expanding its business. At the end of last year, the company received a license to sell cannabis in New York State and has already opened its first store there. The company also plans to launch cannabis sales in Ohio, which legalized recreational cannabis in December 2023. About 1.2 million Ohio residents aged 18 and older have tried cannabis, indicating strong demand in the state.
International Growth and European Market Entry
Curaleaf’s expansion plans go beyond the United States. Last year, the company acquired Polish firm Can4Med, which specializes in wholesale pharmaceutical sales in the European Union. Through this acquisition, Curaleaf aims to distribute medical cannabis in Europe and boost revenue by meeting the growing demand for cannabinoid-based medicines.