a multistate operator that sells marijuana in the U.S., reported first-quarter losses of $17.2 million, or 3 cents a share, on sales of $260.3 million Monday afternoon, after reporting a loss of 3 cents a share on sales of $96.5 million a year ago.
Analysts on average were expecting Curaleaf to report a loss of a penny a share on sales of $254 million, according to FactSet.
Curaleaf is one of the largest multistate operators, or MSOs, in the U.S., where marijuana is still federally illegal but states have been legalizing the drug for recreational and medicinal purposes.
The company’s revenue from its retail operations grew to $187.7 million in the first quarter from $56.6 million a year ago, while wholesale revenue — which focuses on the company’s Select brand of cannabis products — grew to $72.2 million from $20.4 million.
Curaleaf stock, which trades on a smaller Canadian exchange and over-the-counter because of federal rules blocking U.S.