Cannabis has a new king, at least in terms of annual revenue. Curaleaf Holdings out of Massachusetts is now the largest cannabis company in the world, according to CNN Business.
According to the company, it is projected to make roughly $1 billion this year, which means more than one out of every twenty dollars made on legal weed in this country will be made by Curaleaf.
Curaleaf’s coronation from the beacon of finance news comes after the company bought up Chicago-based weed cultivator and retailer Grassroots for a cool $830 million. This is only the latest in a long series of acquisitions Curaleaf has made recently.
Across all industries during the coronavirus pandemic, mergers and acquisitions are way down, about 53% lower in the first half of 2020 compared to the same period last year.
Curaleaf, however, has been on a feeding frenzy. Over the last year, it has gobbled up fifteen companies in Arizona, Colorado, Florida, and elsewhere
In the parlance of Monopoly, Curaleaf’s strategy is to buy up Boardwalk and Park Place, and build big old hotels before anyone else gets there. As big as the cannabis industry has gotten, it’s expected to get a whole lot bigger when and if cannabis is legalized federally.
If Curaleaf is bigger than any other company when the legalization flood gates open, it can likely fare well against competition while the industry balloons to blimp proportions.
”Obviously it’s a big bet,” executive chairman Boris Jordan told CNN Business.
“It could go wrong,” he said, particularly if the United States doesn’t legalize. However, Jordan believes that when it comes to regulation from sea to shining sea, “the genie is out of the bottle.”