Curaleaf Holdings (CURLF -1.99%) has secured an important new permit in the state of Utah. The company announced in a press release Tuesday that it has won preliminary approval for a processing license there.
While pending final approval, the new license will allow the company to complete a Utah processing facility right away. In the press release, it provided no details about the size, scope, or even location of the facility.
The news comes shortly after Curaleaf won one of the handful of permits to open a medical cannabis dispensary in Utah. The state recently permitted marijuana for medicinal use, but it still bars recreational consumption and sale.
The medical cannabis dispensary license the company secured was one of 14 awarded by the state. Those permits were granted on a regional basis; Curaleaf's will give it the scope to establish a dispensary in the city of Lindon, a short drive from Utah's capital and most populous municipality, Salt Lake City.
Competition was intense for medical dispensary licenses. 130 applications were filed with the state, from 60 different would-be operators.
Curaleaf said in the press release heralding its latest news that "[a]ligned with our strategy, this processing license puts us closer to achieving vertical integration in the state, which gives us greater control of production while lowering costs for patients."
This follows the company's broader strategy, in which it aims to be both an active producer and a retailer of medical and recreational product.
The price of the well-known and occasionally popular marijuana stock closed more than 6% higher on Tuesday.