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Curaleaf Gets Essential Services Designation; To Buy Three Dispensaries

Curaleaf Holdings Inc. said it has received an 'Essential Services Designation' in key markets, allowing its medical dispensaries to remain open during the COVID-19 outbreak. The Massachusetts-based cannabis company added that it will hire across its retail, cultivation and processing facilities.

In addition, Curaleaf said it will acquire three Arrow Alternative Care or AAC dispensaries in the state of Connecticut, and reported a wider net loss for the fourth quarter.

Curaleaf noted that following receipt of the essential services designation, its dispensaries will remain open in Arizona, Florida, Maine, Maryland, Massachusetts (medical only), Nevada (delivery only), New Jersey, New York and Oregon.

The company has adjusted its dispensary schedule to accommodate increased demand and prioritize vulnerable customers, including dedicated hours for seniors.

It is also enforcing social distancing, increasing sanitation and hygiene measures, and using technology to minimize contact as well as increase safety by working to employ curbside delivery, mobile pre-ordering, express pickup and a waitlist ordering app.

Further, Curaleaf said it will acquire three Arrow Alternative Care or AAC dispensaries in the state of Connecticut.

AAC operates three out of the eighteen total cannabis dispensary stores currently operational in Connecticut. AAC's first store opened in Hartford in 2014, while the Milford store opened in 2017 and the Stamford store opened in January 2020.

Curaleaf is one of the four licensed growers in Connecticut and currently operates a 60,000 square foot cultivation facility in Simsbury that provides cannabis products to over 40,000 patients throughout the state.

Curaleaf has been cultivating and processing medical cannabis in Connecticut since 2014. The Company currently offers a range of flower, extracted oil and edible products.

The newly acquired AAC dispensaries will sell Curaleaf products along with select cannabis products from other Connecticut producers.

In addition, Curaleaf's attributable net loss for the fourth quarter widened to $26.56 million or $0.06 per share from $11.20 million or $0.03 per share in the year-ago period, reflecting higher income tax expenses and one-time charges. However, total revenue for the quarter surged to $75.46 million from $31.96 million in the year-ago period.

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