Shares of Curaleaf (OTC:CURLF) inched higher in after-hours trading on Monday following the marijuana company's release of its results for the second quarter of fiscal 2020.
Published after market hours, those results showed that the company earned total revenue of just under $117.5 million -- 22% higher on a quarter-over-quarter basis, and 142% above the Q2 2019 figure. Net loss for the period was just over $2 million (less than $0.01 per share), representing a vast improvement over the Q1 shortfall of more than $15 million, not to mention the $24.5 million deficit of the same quarter a year ago.
According to data compiled by MarketWatch, analysts following Curaleaf were expecting a $0.03 per share net loss for the period. Revenue projections were not immediately available.
Q2 was eventful for Curaleaf. The company finally closed on its long-developing acquisition of peer cannabis company Grassroots. The completion of the roughly $700 million deal enhances its status as the largest marijuana business in the world in terms of revenue and physical presence. Absorbing Grassroots beefs up the company's presence in six states, including its home turf of Massachusetts, plus Illinois and Pennsylvania.
"Overall, Curaleaf remains well positioned for continued growth in the second half of 2020," CEO Joseph Lusardi said in the report. "This growth will be driven by organic initiatives, the integrations of the Select and Grassroots businesses, as well as the closing of multiple strategic tuck-in acquisitions across a number of key states."
The company did not proffer formal guidance for the entirety of this year.
In post-market trading on Monday, Curaleaf's stock was up by 0.9%, exceeding the rise of the S&P 500 during regular market hours.