Curaleaf Reports Revenue Growth in Q2 2024

LOS ANGELES- Curaleaf Holdings, Inc. reported a net loss of $49.8 million for Q2 2024, bringing its year-to-date losses to over $100 million. Despite these losses, the company achieved a 2% increase in revenue, reaching $342.2 million, up from $335.5 million in the same quarter last year. For the first half of 2024, revenue totaled $681.2 million, compared to $668.1 million in the same period in 2023.

Curaleaf generated $6 million in free cash flow and $30.2 million in operating cash flow during the quarter. CEO Boris Jordan, who recently replaced Matt Darin, credited business streamlining efforts and efficiency improvements for the company’s resilience. Jordan remains optimistic about growth prospects, citing opportunities in the maturing markets of New York, Ohio, and Germany, as well as expansion in the company’s new hemp division.

Curaleaf continued to enhance its global footprint during the quarter, opening its 62nd dispensary in Florida, acquiring Northern Green Canada, and broadening medical cannabis sales in Germany. The company also expanded its hemp operations and bolstered its presence in New York and Ohio.

As of June 30, Curaleaf’s total assets were valued at $3 billion, with $89.3 million in cash and a comparable amount in liabilities. Jordan also acknowledged the contributions of outgoing CEO Matt Darin, who will stay on as an advisor until the end of the year to ensure a smooth leadership transition.