After becoming the largest cannabis company by revenue growth in 2020, Curaleaf Holdings has reported $1.2bn (~£0.91bn) revenue for 2021.
Its fourth quarter also saw Curaleaf report $320m revenue and an adjusted EBITDA of $80m, as well as a net loss per share of $0.04.
2021 was a busy year for Curaleaf – which saw the company make its major acquisition of EMMAC Life Sciences in a landmark deal valued at $285m. It also announced its rebrand into the European cannabis market as Curaleaf International, driven by the liberalisation of cannabis across Europe, and launched its second range of medical cannabis flower products for the UK market.
However, Curaleaf’s shares took a dive in recent days due to social media allegations that the company’s major shareholders and executives would be impacted by economic sanctions related to the Russian-Ukrainian conflict. Executive chairman and largest shareholder Boris Jordan was brought under scrutiny for his previous and current ties to Russian business.
Curaleaf addressed speculation highlighting that it is an American company not subject to US economic sanctions, and that Jordan, who spent a number of years working in Europe and Russia and currently has businesses in the US, Europe and Russia, is an American citizen. It also stated that its second largest shareholder Andrei Blokh, who is not active in the company, is a US citizen who holds a Russian passport.
Read more: Curaleaf International on the growth of the European cannabis market
Speaking on the company’s fiscal results, Jordan, commented: “2021 was another exceptional year for Curaleaf. We reached a significant milestone by generating over 90 per cent revenue growth and exceeding $1.2bn of total revenue for the first time.
“We continued to deliver gross and adjusted EBITDA margin expansion and ended the year with one of the strongest balance sheets in the industry to support our ongoing growth strategies. In addition, we announced strategic acquisitions that have strengthened our ability to continue gaining share in key US markets as well as internationally.
“Looking to 2022, we remain focused on executing our plan for strong, above-market revenue growth and margin accretion, and believe we are incredibly well-positioned to benefit from significant near-term catalysts such as the anticipated launch of New Jersey’s adult-use market.”
CEO, Joe Bayern, stated: “In 2021, we made significant progress strengthening all areas of our business including growing our retail and wholesale distribution, introducing new products, expanding our cultivation and production capacity, and entering new markets such as Europe.
“I believe our focus and strong execution in 2021 set us up extraordinarily well for the significant growth opportunities that lie ahead in 2022 and beyond.
“I am incredibly proud of the hard work and dedication of all our team members who have made our continued success possible. I believe Curaleaf is better positioned than ever to capitalise on the massive and growing cannabis opportunity.”
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