One of the outcomes of president-elect Joe Biden and vice president-elect Kamala Harris winning is the clear path now laid out to full federal decriminalization and regulation of cannabis.
Both Biden and Harris are unequivocal in their support for broad access to cannabis across recreational and medicinal landscapes and will move quickly to demonstrate that commitment.
For cannabis companies operating in the U.S. who have been painstakingly building distribution channels and retail presence, this is the inflection point that will make a select group of cannabis companies wildly profitable.
“Under a Biden-Harris administration, we will decriminalize the use of marijuana and automatically expunge all marijuana-use convictions and end incarceration for drug use alone,” Harris stated during a town hall-style meeting this summer.
Biden says, “No one should be going to jail for drug crime, period.”
So which companies are poised to benefit the most from a unified national cannabis policy alignment?
Since being featured in the James West Letter back in September, the company has delivered just shy of a 100% win for investors who acted on the tip, and continued price appreciation is all but inevitable, if the most recent financials are anything to go by.
Curaleaf announced 2nd quarter revenue of $117 million, up 22 percent from the previous quarter and up 142 percent year on year.
The company has been an aggressive industry consolidator and currently operates in 23 states with 95 dispensaries, 23 cultivation sites, and over 30 processing sites and employs over 3,000 team members across the United States.
According to CEO Joseph Lusardi speaking about the company’s recent acquisition of Alternative Therapies Group’s licensed cultivation and processing operations in Amesbury, Massachusetts as of November 3, 2020, “With the acquisition of ATG’s grow and processing operations, we’ll be adding 53,600 square feet of capacity to our existing 104,000 square feet capacity in Massachusetts. The Amesbury facility is fully built out, operational, and will be immediately accretive to our production capabilities in Massachusetts, which, according to Cannabis Benchmarks, currently commands the second highest wholesale flower prices in the nation.”
Profitability remains a future milestone for the company, as it invests heavily in future growth and seeks to shore up its position as the largest provider of retail cannabis products in the United States.