Curaleaf Reports Second Quarter 2024 Results
- Second quarter 2024 revenue of $342 million, representing an increase of 2% year-over-year and adjusted gross margin(1) of 48%
- Second quarter International revenue increased 78% year-over-year
- Second quarter 2024 operating cash flow from continuing operations of $30 million and free cash flow from continuing operations of $6 million
STAMFORD, Conn., Aug. 7, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the second quarter ended June 30, 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, “Second quarter revenue was $342 million, up 2% and adjusted gross margin of 48% was up 253 basis points compared to last year. Our gross margin showed successive improvement each month during the quarter with June exiting at 50%. Adjusted EBITDA was $73 million or 21.3%. Thus far, the first half of 2024 has unfolded as we guided. We are starting to see the benefits of the work we initiated 18 months ago to streamline the business, drive efficiencies in our cultivation facilities, and leverage both domestic and international growth opportunities. Looking to the second half of the year, these actions will drive an acceleration in both our revenue and margins as state and country catalysts develop further, including New York, Ohio, and Germany. Furthermore, in June Curaleaf launched The Hemp Company to expand the Select brand to consumers we are not reaching today with responsibly sourced, safe and tested hemp derived THC edibles and beverages to a strong reception. Our global strategic vision is playing out on multiple fronts, yet there is much more for us to accomplish.”
Matt Darin, Chief Executive Officer of Curaleaf commented, “Curaleaf continues to execute its vision of being the global leader in cannabis. We are at a pivotal time for our industry, on the cusp of federal reform, and the future is bright. Our international business experienced superb 78% year-over-year growth led by the UK, Germany, and contributions from the Northern Green acquisition. With this international growth in Q2, Curaleaf is leaning into its evolution from an MSO to an MCO, a multi-country operator, a term which represents our global vision and business that spans 15 countries. We believe the market will ultimately reward the companies that have a portfolio of global brands that are trusted by consumers worldwide. We’re also expanding consumer reach by leveraging distribution channels not available in our regulated business. We announced our entry into the hemp-derived THC market with two product lines, Select edibles and Select Zero Proof seltzers, sold via our direct-to-consumer website, TheHempCompany.com, which currently ships to over half the U.S. and through distribution partners.”
