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.
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Vireo Growth Announces California Retail Joint Venture with Glass House Brands
MINNEAPOLIS and LONG BEACH, Calif., April 13, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo”) (CSE: VREO; OTCQX: VREOF) and Glass House Brands Inc. (“Glass House”) (CBOE CA: GLAS.AU) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) today announced a joint venture to build one of the largest and most strategically located cannabis retail platforms in California. Subject to regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint venture in exchange for a 50% ownership interest.
Vireo operates twelve dispensaries and home delivery from recently acquired Eaze, Inc. (“Eaze”). Glass House currently operates eleven retail locations in California. The combined network will be supported by a preferential supply agreement with Glass House, California’s largest producer of large-scale hemp. After five years, Vireo will have the option to acquire Glass House’s shares in the joint venture, and Glass House will have a reciprocal right.
Cory Azzalino, president of California-based Vireo, has been named CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
“California remains the world’s largest legal cannabis market, and this joint venture allows us to unlock its potential in a way that neither company can achieve alone,” said Kyle Kazan, Glass House co-founder, president and CEO. “Vireo brings exceptional retail access and delivery infrastructure through the Eaze platform, while Glass House leverages proven retail execution, low cost, scale manufacturing and deep brand equity. Together with Vireo, we have found ways to mitigate California’s challenging pricing dynamics and expand the value of our retail operations without increasing the value of our retail operations without the core objectives of Glass. new legal markets outside the state”.
“Glass House is an ideal partner to collaborate with to build the future of cannabis retail in California,” said John Mazarakis, CEO of Vireo. “Their manufacturing scale and brand strength, combined with Vireo’s retail depth and one of the industry’s leading technology-based delivery platforms, creates a joint venture that is greater than the sum of its parts;
The joint venture’s integrated delivery capabilities through the Eaze platform will expand distribution to areas with limited retail access, providing competitive pricing that supports the legal market.
I am proud to lead this platform and the opportunity it represents. Our combined retail and delivery network gives us the ability and resources to bring high-quality, affordable cannabis to consumers in California, including underserved communities, while pursuing disciplined growth that strengthens the legal market over the long term.
Cory Azalino
About Glass House Brands
Glass House is one of the fastest growing, vertically integrated cannabis companies in the US, focused on the California market and building leading, sustainable brands to serve consumers across all segments. Whether through its portfolio of brands that include Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, or its network of retail clinics across the state of California that includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to its vision of excellence; For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
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.
Michigan Cannabis sales for March decreased compared to a year ago, as they increased sequentially by 8.9%. At 255.5 million dollars, sales decreased by 7.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 36.8% year-over-year to $0.4 million, down 3.8% sequentially, and adult-use sales down 7.7% year-over-year to $255.5 million, up 8.9% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – UseMedical
As supply continues to expand, adult flower prices have fallen sharply, although the decline is slowing. The average price of $987 per pound in March was up 3.0% sequentially from a record low in December and down 5.3% from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 7.8%.
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
Vireo Growth Inc. announces the acquisition of The Hawthorne Gardening Company from Scotts Miracle-Gro.
The transaction further strengthens the Company’s balance sheet with combined cash and net working capital of approximately $110 million.
213 million shares outstanding with an implied price of $0.60 and 80 million warrants with a strike price of $0.85.
The company has nominated Scotts Miracle-Gro EVP Chris Hagedorn for election to its board of directors.
MINNEAPOLIS, April 8, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) (“Vireo” or the “Company”) announced today that it has completed the acquisition of The Hawthorne Gardening Company LLC (including certain of its subsidiaries, “Hawthorne”), a leading supplier of horticultural nutrients, lighting and other materials in North America. The Scotts Miracle-Gro Company (“ScottsMiracle-Gro”) (“Hawthorne Transaction”).
As a result of the Hawthorne transaction, Vireo acquired $35 million in cash held by Hawthorne, approximately $58 million in net working capital and $20 million in subland (primarily growing media) to be delivered to the company over two years in exchange for the release of Good Dog Holdings to 2nd 2nd Holdings LLC. of the Company (each, a “Share”) and a warrant to purchase 80 million shares (the “Warrants” and together with the Shares, the “Securities”) at an exercise price of $0.85 per share exercisable for a period of five years from the date of issuance. In connection with the transaction, Vireo has nominated Scotts Miracle-Gro Executive Vice President and CEO of the Hawthorne business, Chris Hagedorn, for election to its board of directors at the Company’s annual general and special meeting of stockholders on May 29, 2026.
“The acquisition of Hawthorne further strengthens Vireo’s balance sheet and creates a procurement platform to optimize supply chain management and drive cost efficiency across our portfolio,” said John Mazarakis, Chief Executive Officer of Vireo Growth. “We are pleased to partner with Scotts Miracle-Gro on a transaction that provides approximately $110 million in cash and net working capital to the Company, and welcome the opportunity to maximize Hawthorne’s business value and operational contribution.”
“Vireo has demonstrated a clear ability to integrate complex businesses and operate efficiently,” said Chris Hagedorn, executive vice president of The Scotts Miracle-Gro Company. “Hawthorne is a natural fit on the Vireo platform, and I’m excited to work alongside the team to help realize its full potential.”
The Securities described above have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) or under US state securities laws. Accordingly, the Securities may not be offered or sold in the United States except with an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable US state securities laws.
Early warning exposure
Immediately prior to the Hawthorne transaction, Good Dog did not beneficially own or control, directly or indirectly, any shares or securities that are convertible or exercisable into shares.
After giving effect to the Hawthorne transaction, Good Dog acquired 213,000,000 shares, representing approximately 14% of Vireo, with a market value of $83.7 million and $117.2 million based on the closing share price on the Canadian Stock Exchange. 80,000,000 Guarantees. In the event that Good Dog exercises all of its warrants, such exercise would result in Good Dog owning up to an additional 80,000,000 shares, and Good Dog’s aggregate ownership interest in Vireo would be approximately 19%, with a market value of US$115.1 million and C$161.2 million based on the CSE closing price of US$30. in 2026
Good Dog acquired the shares for investment purposes. Good Dog takes a long-term view of the investment and may acquire additional Vireo securities, including in the open market or through private acquisitions, or sell Vireo securities, including in the open market or through private placements, in the future, subject to resale restrictions, market conditions, plan reformulations and/or other relevant factors.
In addition to National Instrument 62-103 – The Early Warning System and related takeover bid and insider reporting requirements, Good Dog will file an early warning report in connection with its participation in the Hawthorne transaction. A copy of Good Dog’s Early Warning Report will appear on Vireo’s profile on SEDAR+ and may also be obtained directly upon request by calling Good Dog’s office at (917) 370-827 (2 East 70th Street, New York, NY, USA, 10021).
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
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.
Cory Azalino
