These 5 Cannabis Companies Combined For Over $ 1 Billion In Quarterly Revenue
EThe profit season is over for the major cannabis producers, and their sales numbers continue to rise. They benefit not only from organic growth, but also from expansion into new markets and states. This is a trend that is not going to stop anytime soon, especially as more and more states are opening up for business. The New Jersey recreational pot market will open in six months, and New York is unlikely to be too far behind.
If you want to expose yourself to the hot cannabis market, five companies to consider that currently dominate the industry are Curaleaf Holdings (OTC: CURLF), Trulieve Cannabis (OTC: TCNNF), Green thumb industries (OTC: GTBIF), Cresco Laboratories (OTC: CRLBF), and Harvest Health and leisure (OTC: HRVSF). Together, they generated over $ 1 billion in revenue in their most recent earnings reports, for the three-month period ending June 30.
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Curaleaf: $ 312 million in revenue
Curaleaf released its second quarter results on August 9, showing sales of $ 312 million were up 20% from the previous period and 166% from the same quarter last year. During the period, the cannabis producer opened five stores, including in major markets such as Illinois, Pennsylvania and New Jersey. In total, the company had 107 outlets at the end of the quarter.
What attracts many investors to the stock is the company’s penchant for transactions, which helps drive its growth. In May, Curaleaf announced the acquisition of Colorado-based cannabis company Los Sueños, which owns one of the largest outdoor marijuana farms in the country. In April, he also announced the acquisition of Emmac Life Sciences, a European-based cannabis company that will help him expand its operations outside of the United States.
Over the past 12 months, Curaleaf has generated revenue of $ 985 million and now achieves an annual execution rate well above the $ 1 billion mark. It remains technically in the top spot for now, but that could change once Trulieve’s acquisition of Harvest Health is complete.
Trulieve and Harvest Health: $ 318 million
Trulieve has yet to complete its acquisition of Harvest Health, but when it does, it could become the world’s largest stockpile of marijuana in terms of revenue. Combining its revenue of $ 215 million in the last quarter (78% growth) with Harvest Health’s total of $ 103 million (84% growth) puts it slightly ahead of Curaleaf (reportedly). While Trulieve has not announced when the deal could be completed, it may only be a matter of time after Harvest Health shareholders approved the acquisition at a meeting on August 11.
Although Trulieve had slowly expanded operations outside of its home port in Florida, 85 of the 91 dispensaries it had opened at the end of the second trimester were in that state. The company said it began operations at its first Massachusetts-based dispensary during the quarter. Arizona-based Harvest Health with 44 outlets (including 16 in its home state) will rapidly diversify Trulieve’s portfolio and expand its growth potential.
The combined company will provide strong competition to Curaleaf, which is active in both Arizona and Florida.
Green thumb industries: $ 222 million
Green Thumb generated more revenue than Trulieve last quarter, with revenue increasing 85% year-on-year to $ 222 million. But unlike Trulieve, he doesn’t have a big acquisition pending to dramatically increase his income.
This does not mean that investors should expect this business to stop growing anytime soon. During the period, it announced its expansion into Virginia and Rhode Island. It also opened its 62nd outlet in the country with the launch of a Rise brand store in Warminster, Penn.
The Illinois-based company generated revenue from 12 states in the second quarter. In addition to its home state, it also has a presence in major cannabis markets such as Florida and Massachusetts, as well as New York and New Jersey, which could present some of the most significant growth opportunities for the world. cannabis industry next year.
In the past 12 months, Green Thumb has recorded $ 751 million in revenue. It is not far behind Curaleaf and Trulieve and is approaching a $ 1 billion execution rate.
Cresco Labs: $ 210 million
Another Illinois-based company, Cresco Labs, is not far behind Green Thumb in terms of revenue. With $ 210 million in sales in the same period, its revenue grew 123% year-over-year. The company says it is on track for a $ 1 billion execution rate by the end of this year.
Although it is just among the big cannabis producers on this list, Cresco Labs is not as aggressive in its expansion and likes to choose its spots. In June, it opened its 33rd store in the country, a fourth Sunnyside brand location in Pennsylvania. One thing all of these cannabis growers have in common: they love Florida. In April, Cresco Labs acquired Bluma Wellness and its eight dispensaries in the Sunshine State. Then, in August, she launched her first Sunnyside store in the state. The entry into Florida marks the 10th state in which Cresco Labs now operates.
Over the past 12 months, the company has generated over $ 704 million in revenue and could be another great cannabis stock for growing investors.
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David Jagielski has no position in the stocks mentioned. The Motley Fool owns shares and recommends Cresco Labs Inc., Green Thumb Industries and Trulieve Cannabis Corp. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.