Curaleaf (CURLF -4.76%) became the latest publicly traded marijuana company to bring investors up to date with its recent performance. On Tuesday, the company published its third-quarter results, showing quite robust top-line growth, although there was an important caveat.
For the quarter, the company's total revenue was $182.4 million, a sturdy 55% improvement over the previous quarter, and 195% better than the same period of 2019. The net loss, however, deepened against both the preceding quarter and the year-ago period. It was $9.3 million ($0.01 per share) versus the second quarter's slightly over $2.0 million loss, and the $6.8 million loss of the year-ago quarter.
That most recent net loss broadly met analyst expectations; top-line estimates weren't immediately available.
Curaleaf didn't hesitate to point out that the revenue figure notched an all-time high for the company. But that number's year-over-year improvement was aided substantially by a new asset: its peer Grassroots, the acquisition of which closed in July.
Curaleaf said it is well positioned to capitalize on the recent victories for marijuana legalization in five states, as it has "a leading presence" in two, Arizona and New Jersey.
Also, the company announced in a separate press release that it has named a new CEO, its current president Joseph Bayern. The incoming chief is a consumer goods veteran, having held executive positions at companies such as Cadbury (currently part of Mondelez International) and the business now known as Keurig Dr Pepper.
Bayern's appointment is effective on Jan. 1 of next year, and current CEO Joseph Lusardi will work with him to effect a smooth and orderly transition. Lusardi will retain his seat on the board of directors, and will become executive vice chairman of that body on the same date.