One positive internal company development and another outside of its control helped propel Curaleaf (OTC: CURLF) stock into the win column on Friday. The marijuana company’s shares ticked up by 1.5% that trading session, on a day when the S&P 500 index closed in the red at 0.4%. Weed stocks are generally unpopular and tend to trade down if anything, so the Friday rise was notable.
Another stake planted in the Sunshine State
The internal factor was Curaleaf’s announcement that it has opened a new medical marijuana dispensary in Florida, specifically in the municipality of Punta Gorda. This adds to the company’s already considerable presence in the Southeastern state, as it’s the 67th Curaleaf outlet there.
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That in itself is reason to be more optimistic about Curaleaf. Florida is the third most populous state in this country, with a recent estimate of almost 23.4 million inhabitants. At the moment, it has only legalized medical marijuana; a vote to flip the switch on recreational cannabis fell short last November, but there is sufficient public support for a future effort to succeed.
As for the external happening, some distance north in Pennsylvania lawmakers are making another run at legalizing recreational sale and consumption. On State Senator Sharif Street’s podcast, the lawmaker waxed optimistic with his guest, Representative Rick Krajewski, about their Democrat Party’s attempts to modify the proposed law in order to get it passed.
A legalization bill had passed in the House of Representatives earlier this month, but it was rejected by the Senate’s law and justice committee when handed over to that legislative body.
Reasons to be cheerful
Both of these developments aren’t all that major or game-changing, yet they are steps in the right direction for Curaleaf (and for the ever-struggling marijuana business in general). Investors are justified in feeling cautiously bullish about one and both, although Curaleaf needs bigger wins to be a more viable company.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
