What Drove Curaleaf’s Stock Price Last Week?

Sector performance

On March 22, the US market fell on concerns over global growth prospects as the yield on long-term bonds, such as the ten-year Treasury note, fell below that of short-term bonds, such as the three-month Treasury bill. This fall brought the returns of the S&P 500 Index for the week into negative territory.

From March 15 to March 22, the S&P 500 Index fell 0.8%. During the same period, the Horizons Marijuana Life Sciences ETF (HMMJ) fell 1.1%, while the ETFMG Alternative Harvest ETF (MJ) fell 1.4%.

What Drove Curaleaf’s Stock Price Last Week?

Stock performance

Despite the weakness in the broader equity market, Curaleaf Holdings (CURA) (CURLF) delivered a strong performance, returning 51.2% in the period.

Last week, Curaleaf posted its fourth-quarter earnings results. During the earnings call, the company announced that CVS Health (CVS) would sell its CBD products from more than 800 CVS stores. You can read more about Curaleaf’s fourth-quarter earnings in Curaleaf Stock Rose More than 30% on March 21.

Curaleaf recently signed a definitive agreement to acquire Acres Cannabis, which has cultivation facilities and a cannabis dispensary in Las Vegas, for $70 million. Also, the company announced the opening of two new dispensaries in Florida, which also contributed to the rise in its stock price.