Curaleaf Opens Cape Cod’s First Cannabis Store

Curaleaf Holdings Inc. will open Cape Cod’s first recreational marijuana dispensary at noon today.

The Massachusetts-based vertically integrated cannabis firm secured a property on Commercial Street in the heart of Provincetown for the new store. It will be open seven days a week, selling a wide range of products.

Provincetown is located at the extreme tip of Cape Cod and its year-round population is just 3,000. However, the summer population shoots up to 60,000 due to its popularity with affluent vacationers, which provides Curaleaf with a strong addressable market.

“As one of the largest cannabis companies in the United States, we are proud to be based right here in Massachusetts and to be expanding our presence across the Commonwealth,” said Curaleaf chief executive Joseph Lusardi, a Massachusetts native.

The store will usually be open from 10 a.m. to 6 p.m. from Monday through Saturday and 10 a.m. to 5 p.m. on Sunday during the winter and early spring, but during the summer months it will open from 9 a.m. to 9 p.m. to cater to tourists.

Curaleaf opened its first adult-use cannabis in Oxford, Massachusetts, in November 2019, co-located with an existing medical dispensary it owned there. It also medical dispensary in Hanover, MA and a processing and cultivation facility in Webster, MA.

The firm currently employs 65 people at its national headquarters in Wakefield, MA and another 148 employees at its local Massachusetts operations. It is bidding to become one of the largest players in the U.S. marijuana market and it has operations in 12 states with 52 dispensaries, 14 cultivation sites and 14 processing sites.

Last month it announced the issuance of a new $275 million senior secured term loan facility, a move designed to assuage any concerns investors may have harboured about the company’s cash position. A couple of weeks ago it announced the closing of the loan, which was upsized to $300 million.

Last week it struck an agreement with its shareholders to further extend its lock-up period. The new agreement would only release 5% of the shares owned by insiders on the last day of each calendar quarter, starting Mar. 31, 2020, and is connected to Curaleaf’s planned closing of the deal to acquire Select.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Martin Green
Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live. Address: 682 Indian Road, Toronto, Ontario, M6P 2C9. Phone: 416-721-8257.

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