Cannabis consumer products provider Curaleaf Holdings, Inc. (OTCQX: CURLF) recently revealed that it plans to open three new dispensaries in Florida over the coming weeks: Curaleaf Bradenton East, Curaleaf Tampa Midtown and Curaleaf Orlando University.
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Shares of the company reacted positively to the news and rose more than 8% to close at $5.95 on Friday.
While the Curaleaf Orlando University store will open by the end of May, Curaleaf Bradenton East and Curaleaf Tampa Midtown stores will open on May 13 and May 20, respectively.
Florida is expected to be a burgeoning market for the company, as its population of adults (21 years and above) is likely to surpass 16 million by 2025. The decision to expand its retail presence here bodes well for the company’s growth.
Management Commentary
The President of Curaleaf US, Matt Darin, said, “Through our latest retail locations in Bradenton East, Tampa Midtown and Orlando University, Curaleaf has successfully opened eight new dispensaries across Florida in 2022 so far. We are pleased to provide more convenient experiences for patients across the Sunshine State through our ongoing expansion initiatives and our diverse selection of high-quality cannabis products.”
Stock Rating
Recently, Cantor Fitzgerald analyst Pablo Zuanic reiterated a Buy rating on the stock with a price target of $16.5, which implies upside potential of 177.22% from current levels.
Consensus among analysts is a Strong Buy based on 9 unanimous Buys. CURLF’s average price target of $14.58 implies upside potential of 145% from current levels. Shares have declined 58.6% over the past year.
Conclusion
Curaleaf has been expanding its presence in Florida as the state presents a ready market for its products, and its demographic scenario leaves room for immense growth potential.
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