U.S. multi-state cannabis producer Curaleaf Holdings Inc. CURLF, -9.76% on Wednesday reported a deeper-than-expected second-quarter loss and sales that were just short of expectations. Still, shares were up around 1% after hours. Curaleaf reported a net loss of $74.5 million, or 10 cents a share, compared with $21.8 million, or 3 cents a share, in the same quarter last year. Revenue rose around 4% to $338.6 million from $326.9 million in the prior-year quarter. The company’s adjusted net loss was 9 cents a share. Analysts polled by FactSet expected an adjusted loss of 4 cents a share, on revenue of $339.3 million. The results came amid an oversupply of weed on the U.S. legal market as federal reform efforts stall. “As the U.S. industry regains its supply-demand equilibrium and we eagerly anticipate the game-changing catalysts on the horizon, we continue to control costs and remain focused on long-term growth opportunities, particularly in Europe and our advantage in Germany specifically,” Executive Chairman Boris Jordan said in a statement.
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