-- Curaleaf (CURA.TO) reported a swing to a surprise first-quarter profit, boosted by better than expected revenues.
The company reported net income from continuing operations of US$70.1 million, or US$0.09 per share, compared with a loss of US$50.1 million, or a loss of US$0.09 per share. Analysts polled by FactSet had forecast a loss of US$0.08 per share.
Revenue climbed 6% over the same period, to US$324 million, beating the US$317 million forecast.
"The macro headwinds that constrained growth over the past three years are now beginning to turn into meaningful tailwinds. Moreover, the historic rescheduling of medical cannabis provides a shift in the trajectory of our business and the industry overall, for which we are well-positioned," said chief executive Boris Jordan. "The investments we've made in the core pillars of our "Built for Growth" strategy are translating directly into tangible performance," he added.
Curaleaf shares closed up $0.28, to $4.73 on Tuesday on the Toronto Stock Exchange.