Shares of Curaleaf Holdings (CURA) fell in early trading Monday after the company completed the acquisition of Los Sueños Farms and its related entities, the largest outdoor grow in Colorado.
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Curaleaf executive chairman Boris Jordan said, “We’re very excited about the closing of the Los Sueños acquisition. The vertical integration of our business in Colorado significantly strengthens Curaleaf’s market presence in the second largest state cannabis market in the U.S.
“This deal provides Curaleaf with a high-quality, efficient, and low-cost supply of biomass to support our wholesale and retail customers in Colorado and, once interstate commerce is allowed, on a regional scale. Overall, our newly expanded cultivation capacity will allow us to better serve Colorado’s $2.2 billion annual cannabis market opportunity.”
Bob DeGabrielle, founder of Los Sueños and cannabis industry expert in Colorado, will continue to oversee Los Sueños operations and take responsibility for Curaleaf’s Colorado wholesale and retail operations. (See Curaleaf stock charts on TipRanks)
Two months ago, Jefferies analyst Owen Bennett assigned a Buy rating on CURA with a price target of C$32. This implies 119.6% upside potential.
The rest of the Street is bullish on CURA with a Strong Buy consensus rating, based on nine Buys. The average Curaleaf Holdings price target of C$28.66 implies 96.7% upside potential to current levels.
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