When Florida got an unexpected reprieve this hurricane season with Dorian suddenly shifting path away from the southern state, cannabis retailers in the area have breathed a sigh of relief and continued on with business as usual. 

Taking advantage of the calmer than expected weather, Curaleaf Holdings Inc (CSE: CURA; OTCQX: CURLF) just opened dispensary number 26 in Florida. 

This latest store is now open for business in Port Charlotte, and puts the total number of Curaleaf storefronts at just shy of 50 nationwide. 

As legalized cannabis becomes more prevalent across the country, local government and business agencies are increasingly appearing at dispensaries to tout the economic benefits of new store openings. 

In celebration of the Port Charlotte location officially coming online, the Charlotte County Chamber of Commerce will host a grand opening event next week.

Discussing the store opening and plans for upcoming initiatives, Chief Executive Officer Joe Lusardi commented: 

It’s part of our continuing effort to expand our footprint in Florida to provide patients with access to Curaleaf’s premium medical cannabis products and educational resources.

Those resources will include one on one consult times with new incoming patients, as well as public weekly presentations aimed at both physicians and potential patients. 

In other company news, Curaleaf just issued Q2 2019 financial reports and declared a record pro forma revenue of $110.9 million, with a managed revenue of $55.1 million. Citing the first time the company reported a positive adjusted EBITDA, Chief Financial Officer Neil Davidson had this to say about the quarterly numbers: 

As our operations continue to ramp, we expect to see further improvement in our overall operating margins and an improving and accelerating cash flow profile.

That quarter saw a number of high profile acquisitions from Curaleaf, including cannabis wholesale brand Select, in addition to snapping up both dispensary and greenhouse locations in Arizona. 

Curaleaf’s latest large scale acquisition fell just outside the quarterly reporting time frame, as the deal to acquire private MSO company Grassroots was announced earlier this summer. That $875 million cash and stock deal is expected to close next year and will allow the company to immediately gain a foothold in Illinois operations. 

About Author

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.