Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) reported its financial and operating results for the fourth quarter and year ended December 31, 2021.
Highlights include record fiscal year 2021 revenue and Adjusted EBITDA¹ of $1.2 billion and $298 million, representing an increase of 93% and 107%, respectively; fourth-quarter 2021 Revenue and Adjusted EBITDA of $320 million and $80 million, representing an increase of 39% and 48% year-over-year, respectively
Boris Jordan, executive chairman of Curaleaf, commented, "2021 was another exceptional year for Curaleaf. We reached a significant milestone by generating over 90% revenue growth and exceeding $1.2 billion 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."
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Fourth Quarter 2021 Operating Highlights
- Added eight new retail dispensaries including five in Florida, two in Colorado, and one in Arizona.
- Entered into a definitive agreement to acquire Tryke Companies, a vertically integrated MSO in Nevada, Arizona, and Utah.
- Entered into a definitive agreement to acquire Natural Remedy Patient Center, LLC, a Safford, Arizona dispensary.
- Entered into a definitive agreement to acquire Bloom Dispensaries, a single state operator in Arizona.
- Completed the offering of $475 million aggregate principal amount of 8.0% Senior Secured Notes due 2026 and retired all prior indebtedness, increasing liquidity and materially reducing the average interest rate on the Company's outstanding debt.
- Signed a national distribution agreement with Southern Glazer's Wine & Spirits to bring Curaleaf's Hemp and Select CBD product lines into Southern Glazer's distribution network.
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Full-Year 2021 Operating Highlights
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Significantly expanded retail, wholesale, and cultivation operations through organic growth and strategic acquisitions.
- Increased retail locations from 96 to 117 as of December 31, 2021.
- Reached approximately 2,300 active wholesale accounts as of December 31, 2021, an increase of over 90% from year-end 2020.
- Grew cultivation sites from 23 to 25.
- Expanded total cultivation and production capacity by over 2.5 million square feet to approximately 4.4 million square feet.
- Significant focus on R&D activities drove the introduction of 147 new products in our markets, with approximately 11% of full-year 2021 revenue generated by new products launched in the last 12 months.
- Entered the European market through the successful acquisition of EMMAC Life Sciences Group and subsequently rebranded to Curaleaf International.
2022 Also Looking Good
"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," added Jordan.
