Curaleaf beats Q4 revenue expectations, reports third-straight quarter of positive adjusted EBITDA
U.S. cannabis giant Curaleaf Holdings reported its fourth-quarter results late Tuesday, with revenue and adjusted EBITDA figures that both beat analyst expectations. Curaleaf said it made US$75.4 million in revenue in its most recent quarter, up 22 per cent from the prior three-month period. It also made US$13.8 million in adjusted EBITDA, up 32 per cent from the prior quarter. Curaleaf, which also has US$42.3 million, withdrew its outlook for its 2020 financial results as a result of COVID-19. Cowen analyst Vivien Azer said the company is among one of the best positioned U.S. pot operators with a "healthy balance sheet, strong margin profile and depth in key markets."
MediPharm Labs to begin shipping cannabis-infused topicals
Cannabis extractor MediPharm Labs said it has begun shipping pot-infused topical products from a contract manufacturing agreement with an undisclosed customer. Specifics about the size of the shipment were also not disclosed, but the company said it is ramping research efforts to create base compounds which will eventually be used for cannabis topicals. The announcement comes a day after MediPharm said it shipped a large shipment of cannabis extract and 35,000 units of finished products for the Australian market.
MedMen, Acreage announce board departures
U.S. cannabis retailer MedMen Enterprises said it appointed former Whole Foods executive Errol Schweizer to the company's board. In a statement released Wednesday, MedMen said Jay Brown would step down from the board in a corresponding move, but will continue to work with the company as a strategic advisor. Meanwhile, Acreage Holdings said Larissa Herda resigned from the company's board, ending a 18-month tenure with the U.S cannabis operator. Acreage didn't announce a replacement after Herda's departure.
Macedonian cannabis investors await export decision to become next pot 'superpower'
Located in a temperate part of Europe, Macedonia was poised to become one of the continent's leaders in cannabis cultivation. However, a legislative amendment to export medical cannabis outside of the country has been delayed until next month - and may be longer due to COVID-19 issues - while there's an outcry after allegations that the Macedonian prime minister awarded cannabis lucrative licenses to relatives and allies, the New York Times reports. The country, which has struggled economically since 1991, could use the boost from cannabis exports although some investors who already produce medical marijuana are concerned they may have to shut down if they are unable to ship internationally this year, the newspaper reports.
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