Curaleaf (CURLF 2.02%) had a busy day on Tuesday. After market hours, the marijuana company unveiled its fourth quarter of fiscal 2019 results, while earlier it announced an acquisition and updated investors on its business in the wake of the SARS-CoV-2 coronavirus outbreak.
For the quarter, the company's total revenue came in at nearly $75.5 million. That was 22% higher on a quarter-over-quarter basis, and more than double the fourth quarter 2018 result. Net loss deepened, however, to almost $26.6 million, from the third quarter shortfall of $6.8 million and the year-ago loss of $11.2 million.
Curaleaf's latest net loss shook out to $0.06 per share; according to data compiled by The Wall Street Journal, on average analysts were expecting only a $0.02 per share deficit.
Image source: Getty Images.
Separately, the company announced that it is purchasing three Arrow Alternative Care dispensaries in Connecticut. The three are among only 18 dispensaries in the state, all of which sell only medical marijuana, as the recreational form of the drug technically remains illegal there.
The three stores will sell Curaleaf product, and presumably be supplied by a cultivation facility the company operates near the capital city of Hartford.
Curaleaf disclosed neither the price nor the terms of the Arrow Alternative Care deal.
Finally, the cannabis company issued an update on its operations in the wake of the pandemic. It said it has obtained an Essential Services Designation in numerous markets where it operates, allowing its dispensaries to stay open in Arizona, Florida, Maine, Maryland, Massachusetts (only for medical marijuana), New Jersey, New York, and Oregon. It is boosting sanitation and hygiene measures, and maintaining social distancing principles.
Curaleaf's stock well outpaced Tuesday's broader stock market gains, rising by almost 25% on the day.
