Curaleaf Holdings Inc. Monday reported revenue that came in below the consensus estimates. The American weed retailer reported a first-quarter net loss of $15.1 million, which amounts to 3 cents a share, widening from $10.2 million, or 2 cents a share, in the year-ago quarter. Total revenue rose to $96.5 million from $35.3 million a year ago. Curaleaf's total revenue consists of its own retail and wholesale revenue of $77.1 million and $19.4 million of revenue from management fees. Curaleaf said its revenue growth was in part due to new stores operating in Florida, Massachusetts and New York, among other states. Analysts polled by FactSet had expected revenue of $98.4 million. The company's chief financial officer said that executives are predicting revenue will continue to grow in the second quarter, despite COVID-19 restrictions in Massachusetts, which has halted recreational sales, and Nevada, which allowed only cannabis delivery when the state issued lock-down orders. Curaleaf reported it had $176.4 million in cash at the end of March. U.S.-traded shares of Curaleaf have gained 4.4% this year, as the S&P 500 index fell 11.4%. The stock does not trade after hours in the U.S.
