Cannabis products manufacturer Curaleaf Holdings, Inc. (CURLF) recently revealed the opening of its new location in Florida’s Tamarac region. The new opening marks the company’s 45th location in Florida and the second in Broward County.
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However, following the news, shares of the company declined almost 4% to close at $5.70 in Monday’s extended trading session.
The new store, which is located at 6899 N University Drive, is expected to expand the reach of medical cannabis in the western half of the state’s second most-populated county.
Management Commentary
The President of Curaleaf US, Matt Darin, said, “We are excited to deepen our roots in the Sunshine State and serve even more patients in Broward County. Our team is grateful for the continued support of Florida’s medical cannabis community as we offer convenient and accessible patient experiences through our growing retail presence.”
Price Target
Recently, Benchmark Co. analyst Mike Hickey reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $12 to $10, which implies upside potential of 74.5% from current levels.
Consensus among analysts is a Strong Buy based on 9 Buys and 1 Hold. The average Curaleaf price target of $13.95 implies upside potential of 143.5% from current levels. Shares have declined 64.2% over the past year.
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