You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

In May 2024 warned readers about Florida hemp field. There have been many follow-ups, the latest of which was in early January, and it pointed to the fact that Florida’s medical cannabis market is shrinking. Two months later, things look bleak there as the mature market becomes more competitive.

Each month we share BDSA data and Florida is one of the markets where they provide monthly sales estimates. Florida does a fantastic job of sharing weekly data on unit volumes, but it doesn’t provide revenue data.

The BDSA estimates Florida hemp sales totaled $126.1 million in February, down 0.4% from a year ago. January sales fell 4.1% from a year earlier, and 2025 sales are expected to rise just 2.9% after rising 20.9% in 2024.

Florida provides a wealth of data that allows for a good understanding of state trends. First, they provide the number of patients, which, according to 2/27 report was 933 thousand. Growth has slowed down.

During the last year, the growth was 3.4%, and in the last three months it increased by only 0.4%. Patient growth is projected to be 3.9% in 2025 and 3.3% in 2024, following an 11% increase in 2023. The medical cannabis industry is maturing in the state, and the current number of patients is almost 4% of the total population.

Florida shares the total number of stores (742 currently), which is up 4.7% year-over-year. Ahead of the election in 2024, which could legalize cannabis for adult use, there was a big increase, with the number of shops increasing by 14%. The growth of stores has led to more competition.

The state splits the volumes, and the two largest parts are “medical marijuana” in mg for THC products and “marijuana for smoking” in ounces. Sales of medical cannabis products rose 12.6% last week, while smoking cannabis grew 11.4%. This growth was much higher than the revenue growth projected by the BDSA, suggesting that pricing is under pressure.

Florida also breaks down unit sales by licensed operator and shares how many distribution locations each operates. This data shows how concentrated the state is, as 51.2% of the state’s vertically integrated dispensaries are owned by just four companies, including Trulieve, Verano (MÜV), Curaleaf, and Ayr Wellness (which bought Liberty Health). These four companies sold 56% of medical cannabis and 61% of smokable cannabis last week. Interestingly, Trulieve, which has nearly twice as many stores as runner-up Verano, saw its medical cannabis volumes decline from a year ago.

When voters failed to approve adult-use cannabis in 2024, falling short of the required 60% affirmative vote, these major Florida operators saw their stocks decimated. It’s been the hardest for Ayr Wellness, but they’ve all come down a lot.

It’s not yet known if Florida voters will vote again this year, but things could improve if adult legalization is implemented. Also, the federal ban on THC from hemp could increase demand later this year when it is implemented. With that said, Florida’s medical cannabis market appears to be struggling. Trulieve is very large in the state and has significant influence with it compared to other states. Analysts forecast Trulieve’s 2026 revenue to decline 1% after falling less than 1% in 2025. More importantly, they forecast adjusted EBITDA to decline 6% in 2026.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Cannabis sales remained weak in February

Hemp stocks are stable

Financial statements

Cresco Labs saw revenue shrink again

Curaleaf’s Q4 revenue rose 2%

Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El

• Q4 2025 net income of $333 million
• Q4 2025 international revenue: $51 million;
• Q4 2025 Gross Margin 49%
• Full year operating and free cash flows from continuing operations
• $152 million and $89 million, respectively

STAMFORD, Conn., Feb. 26, 2026 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international supplier of consumer cannabis products, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. All financial information is presented in accordance with US generally accepted accounting principles” or “USGAAP” and “other USGAAP principles” are indicated.

Curaleaf President and CEO Boris Jordan said: “We closed 2025 with clear momentum, delivering fourth-quarter revenue of $333 million. Revenue increased 5% sequentially and 2% year-over-year, driven by a broad-based return to growth in nearly all of our domestic markets, despite our robust international $1 closed environment. Fourth-quarter revenue, representing 10% sequential growth and 65% year-over-year revenue growth, expanded to 49%, up 20 basis points year-over-year, as benefits from increased productivity at our growing facilities outweighed price compression.

For the year, revenue came in at $1.27 billion, with adjusted gross margin of 50% and adjusted EBITDA of $275 million, or 22% of revenue. We generated $152 million in operating cash flow and $89 million in free cash flow from continuing operations, while ending the year with $102 million in cash on the balance sheet. These results were achieved despite double-digit price compression for the third year in a row, highlighting the strength, discipline and flexibility of our operating model and the success of our Back to Our Roots programme.”

Mr. Jordan continued. “With our $500 million debt offering and Back to Our Roots plan now complete, we have re-founded our business and are transitioning from stabilization to acceleration with our Built for Growth strategy. Using the platform, we have enhanced: improved processing economy, more stringent commercial position, innovation discipline, to improve the brand. sustained organic growth augmented by opportunistic acquisitions”.

Financial highlights for the fourth quarter of 2025

Net income was $333.1 million, up 2% year over year from $327.9 million in Q4 2024. Subsequently, net income increased by 5% in 2025. compared to the third quarter: 317.9 million dollars.
Gross profit was $161.8 million and gross profit margin was 49%, up 60 basis points year-over-year.
Adjusted gross profit¹ of $161.9 million and adjusted gross profit margin¹ of 49%, up 20 basis points year over year
Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $49.3 million, or $0.06 per share from continuing operations.
Adjusted net loss¹ from continuing operations of $39.5 million or adjusted net loss¹ from continuing operations of $0.05 per share
Adjusted EBITDA¹ of $69.0 million and Adjusted EBITDA margin¹ of 20.7%, down 250 basis points year over year.
Cash at the end of the quarter was $101.6 million
Operating and free cash flows were $42 million and $25 million, respectively

Financial highlights for the full year 2025

Net income: $1,268.1 million
International revenue is $172.5 million, up 63 percent from 2024’s $105.6 million.
Gross profit $631.0 million and gross margin 50%
Adjusted gross profit¹ $632.5 million and adjusted gross profit margin¹ 50%
Operating cash flow from continuing operations of $152.0 million and free cash flow from continuing operations of $89.3 million.
Net loss from continuing operations was $201.9 million, or $0.26 per share.
Adjusted net loss¹ from continuing operations of $175.9 million, or adjusted net loss per share of $0.23 from continuing operations
Adjusted EBITDA¹ of $274.7 million and adjusted EBITDA margin of 21.7%

_{¹Adjusted EBITDA, adjusted net income (loss), adjusted gross profit and free cash flow are non-GAAP financial measures, and adjusted EBITDA margin, adjusted net income (loss) per share and adjusted gross profit margin are non-GAAP financial ratios, which in each case may not be used by US GAAP and other standards. See “Non-GAAP Financial Performance Measures” below for definitions and additional information regarding Curaleaf’s use of non-GAAP financial measures and non-GAAP financial ratios. See “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation of each non-GAAP financial measure used in this press release to the most directly comparable US GAAP financial measure.}

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not automated in any way. Got a secret news tip? Get in touch.

Curaleaf announces the closing of a private placement of $500 million of 11.5% senior secured notes due 2029.

STAMFORD, Conn., Feb. 19, 2026. /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international supplier of consumer cannabis products, today announced that it has closed a previously announced private placement (the “Offering”) of $500 million in aggregate principal amount of 11.5% due February 2218 (unsecured due 2218). Redemption of $475 million of its previously outstanding notes due December 15, 2026. The Company intends to use the net proceeds from the Offering to provide growth capital to support global growth initiatives and to pay transaction fees and expenses.

The non-dilutive notes, issued at 100% par value, are senior secured obligations of the Company, payable in equal semi-annual installments until maturity, unless earlier redeemed or purchased. The Notes are governed by a trust indenture executed at the closing of the Offering, which permits additional issuances subject to leverage covenants and other conditions, and up to $100 million in senior bank financing.

“The successful closing of this landmark private placement provides a strong endorsement of Curaleaf’s strategy and long-term vision. I am exceptionally proud of our team for delivering the largest bond offering completed in the cannabis industry, expanding the world of institutional investors and strengthening Curaleaf’s leadership position in the industry,” said Chair BorisCE. With an extended runway to 2029 and enhanced capital flexibility, we are well positioned to accelerate our global expansion and capture key strategic opportunities in the international hemp market.

The notes have been offered on a private placement basis in certain Canadian provinces and territories pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Notes were also sold in the United States for the account or benefit of “US persons” (as defined in the United States Securities Act of 1933, as amended (the “US Securities Act”)), on a private placement basis to “qualified institutional buyers” and “accredited investors” pursuant to an exemption from the requirements of the US Securities Registration Act. Under Canadian securities law, the issued securities are subject to a customary four-month hold period.

Seaport Global Securities, LLC acted as lead underwriting agent and ATB Cormark Capital Markets (the “Agents”) acted as co-underwriting agent for the Notes in the United States and Canada, respectively.

No securities regulatory authority has approved or disapproved the content of this news release. The Notes have not been and will not be registered under the US Securities Act or state securities laws. Accordingly, the notes have not been offered or sold in the United States or for the account or benefit of “US persons” except as registered under the US Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the US Securities Act and applicable state securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company in any jurisdiction where such offer, solicitation or sale would be illegal.

About Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer cannabis products with a mission to improve lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find and Anthem, provide industry-leading service, product selection and access to the medical and adult use markets. Curaleaf International is powered by a strong presence at all stages of the supply chain. Its unique distribution network across Europe, Canada and Australasia combines advanced science and research with advanced cultivation, extraction and manufacturing. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX under the symbol CURLF. For more information, visit https://ir.curaleaf.com.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.