Lusardi said that Curaleaf is also negotiating distribution deals with other large consumer outlets.
Curaleaf operates 40 cannabis dispensaries in 12 states, with recent acquisitions bringing the company into the lucrative California and Nevada markets. The firm recently launched a line of products with hemp CBD, including lotions, patches, tinctures, and vape pens. Although hemp and products derived from hemp were legalized with the 2018 Farm Bill, the Food and Drug Administration continues to treat CBD as a drug and has banned the use of the cannabinoid in foods and beverages pending new regulation. The agency has announced that it will hold hearings in April to pursue a legal pathway to make CBD available to consumers. CBD products are still widely available, however, and pills, capsules, lotions, vapes, tinctures, patches, and other cannabidiol products can be easily found in many states.
Stock prices were up for both companies in trading on Thursday after the announcement of the distribution deal. Curaleaf was up nearly 20 percent at more than $8 per share despite announcing a loss of $16.5 million on Wednesday. Revenue for the quarter was $32 million, up from $6.3 million the previous year. The stock has risen more than 50 percent in the last three months. Shares in CVS were up more than 2 percent in Thursday’s trading.
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