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March 24, 2020, 4:24 p.m. EDT

Marijuana-retailer Curaleaf revenue tops estimates

Cannabis retailer Curaleaf Holdings Inc. (OTC:CURLF) (CNQ:CA:CURA) reported revenue Tuesday that topped the analyst consensus and wider-than-expected losses. The company reported a net loss of $26.6 million, which amounts to 6 cents a share, versus a loss of $11.2 million, or 3 cents a share in the year-ago quarter. Curaleaf revenue rose to $75.5 million versus $32 million a year ago. At the end of December, Curaleaf said it had $42.3 million in cash. Analysts surveyed by FactSet had expected a loss of 2 cents a share on sales of $74.7 million. For the first quarter, analysts expect sales of $110 million; there are not enough estimates to form a reliable consensus for earnings, according to FactSet. Curaleaf stock has dropped 60% in the past year, and rose 25% to $3.85 in Tuesday trading. The S&P 500 index (S&P:SPX) has fallen 20% in the past year as the ETFMG Alternative Harvest ETF (PSE:MJ) , which tracks a basket of stocks including cannabis companies, fell 72%.

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