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Curaleaf Wins Its Third Recreational Marijuana Retail License in Massachusetts

By Eric Volkman – Feb 6, 2020 at 2:44PM

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The company's new outlet will be located in the town of Ware.

Curaleaf (CURLF -14.53%) continues to expand in its home state.

The company announced on Thursday that it has been awarded final approval by the Massachusetts Cannabis Control Commission to open its third recreational marijuana dispensary. The new store will be located in the central Massachusetts town of Ware, roughly between the cities of Springfield and Worcester.

Curaleaf said it hopes to open the store by the end of this month.

A Curaleaf dispensary in New Jersey.

Image source: Curaleaf

The news comes almost exactly three months after Curaleaf announced the opening of its first recreational-use dispensary in Massachusetts. That outlet is in the town of Oxford, which is less than an hour's drive from Ware. At the end of last month, the company heralded the opening of its second recreational-use store, this one in the Cape Cod city of Provincetown.

Curaleaf is based in Massachusetts; it also operates a medical cannabis-only retail outlet in the town of Hanover, just south of Boston.

The company describes itself as "the largest cannabis operator in the U.S. in terms of operational and wholesale footprint." At the moment, it has 53 dispensaries in operation throughout the country.

Retail expansion is a crucial part of the company's business strategy. It has helped it post significant revenue gains recently, although it remains unprofitable. In Curaleaf's most recently reported quarter, net revenue rose by almost 30% on a sequential basis, and by 189% year over year.

Curaleaf was trading sideways on Thursday, and was down less than 1% at 2:20 p.m. EST. 

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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