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The cannabis sector has not had a great time in the stock markets in recent times but Curaleaf Holdings (OTCMKTS:CURLF) sprang a surprise on Thursday. The Curaleaf stock rallied strongly yesterday to deliver gains of as much as 8% and surpassed the gains recorded by the S&P500. The surge in the stock is possibly due to the launch of a new line of products from Curaleaf.
The launch of a new line of products almost always has a positive effect on stock and that is what happened with the Curaleaf stock yesterday.
Curaleaf announced the launch of a new product named Select Oil. The company also claims that it is the biggest brand in the cannabis oil space in the United States.
The market in which the product is going to be launched in Illinois and it is easy as to why there is such optimism. It has proven to be a favorite hunting ground for cannabis companies in recent times after the state legalized the consumption as well as the sale of recreational cannabis in January 2020.
In addition to that legalization measures enacted earlier this year, Illinois has also proven to be an excellent market for cannabis companies. Cannabis sales in Illinois have grown at a remarkable rate in the state over the course of the past five months and each time, the sales figures have hit new records.
In its announcement on Thursday, the company revealed that Select Oil is going to be available in certain locations in the state and two of those are Skokie and Deerfield.
It is a significant development for Curaleaf since the launch of Select Oil in Illinois now gives the popular brand a presence in as many as 15 states. Some of the states in which the brand is already available to include such lucrative markets as New York and California.
Although it cannot be denied that the launch of the Select Oil brand is a major development for Curaleaf Holdings, it remains to be seen what sort of effect it has on the company’s overall performance.
At this point, it is hard to figure out whether it is going to have an effect on the company’s quarterly results or on its overall performance in Illinois.
However, at the same time, it is important to point out that Curaleaf claims that the brand has historically managed to become a best seller quite quickly in new markets. For instance, sales in Florida surpassed $1 million in less than a month.
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