Why Investors Were Buzzing About Curaleaf Stock Today
Key Points
The multi-state operator expanded its footprint in a huge market.
Although it won't be able to sell recreational marijuana, that might change if a public vote is taken next year.
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Marijuana company Curaleaf (OTC: CURLF) is expanding its presence in a potentially massive market, a move that resonated with investors on Thursday. That, plus a new weed reform resolution filed in the U.S. Congress, helped push the multi-state operator's (MSO) stock price up by 9% that trading session.
Making hay while the sun shines
After market close Wednesday, Curaleaf announced it had opened a new dispensary in Cape Canaveral, Florida. The store is the 70th Curaleaf outlet in the state, which ranks No. 3 in terms of population in the country, and No. 5 in terms of gross domestic product (GDP).
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The Sunshine State might soon become a much hotter pot market. At the moment, only medical marijuana is permitted for sale and consumption. However, an initiative to get a recreational weed measure on the ballot next year is making significant progress.
Separately, Democrats in the U.S. House of Representatives have submitted a resolution that mandates equity throughout the industry. It also calls for the current presidential administration to leverage its "voice, vote, and influence" to sway the United Nations toward a more lenient stance on the drug.
Struggles, legal and otherwise
One dispensary in Florida and a cautious new congressional resolution (essentially a modified version of a previous effort) by the minority party in the House won't move the needle for Curaleaf. Or, for that matter, the wider marijuana industry.
And yet, both are signs that the broader effort to essentially legalize marijuana nationwide is ongoing and backed by determined, influential people. Little will change for the prospects of ever-struggling weed companies like Curaleaf until de facto legalization occurs.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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