Curaleaf Reports Third Quarter 2025 Results; steady growth and stable cash generation
Q3 2025 net income: $320 million
International revenue for Q3 2025 is $46 million
Q3 2025 Adjusted Gross Profit Margin (1) 50%
Annual operating and free cash flows from continuing operations
$104 million and $57 million respectively
STAMFORD, Conn., Nov. 5, 2025 /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 third quarter ended September 30, 2025.
Curaleaf President and CEO Boris Jordan said: “We had third quarter revenue of $320 million, up 2 percent sequentially. Price compression remained the opposite, but our domestic segment remained stable and achieved modest growth. Our international segment continued its strong trajectory, delivering 12% sequential growth and 56% year-over-year growth. An increase of 115 basis points, both sequentially and year-over-year, to $69 million, representing a 22% margin, including a 200 basis point increase from our international and hemp businesses after paying down $28 million in debt. $70 million over the next two years.
Mr. Jordan continued. The “Back to Our Roots” program we initiated 12 months ago, focused on enhancing product quality, driving growth, expanding margins and optimizing cash flow, is delivering tangible results. With our domestic business poised for renewed growth while supporting rapid international expansion, I am encouraged to report that we are seeing positive momentum across the organization despite ongoing macro pressures.
Financial highlights for the third quarter of 2025
Net income was $320.2 million, down 3% year-over-year from $330.5 million in Q3 2024. Sequentially, net income increased 2% from Q2 2025 to $314.5 million
Gross profit was $159.7 million and gross profit margin was 50%, up 130 basis points year over year.
Adjusted gross profit (1) of $160.0 million and adjusted gross profit margin (1) of 50%, up 115 basis points year-over-year
Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $54.5 million, or $0.07 per share from continuing operations.
Adjusted net loss(1) from continuing operations of $48.2 million or adjusted net loss(1) per share from continuing operations of $0.06.
Adjusted EBITDA (1) of $69.3 million and Adjusted EBITDA margin ((1)) of 21.6%, down 115 basis points year over year.
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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,
Fifteen weeks ago we pointed it out few investors care about Vireo Growthand it remains so. Vireo Growth (VREOF) has declined significantly in 2026 and is near its lows. Here is what it and MSOS have done since the 2024 election.
Vireo did a reverse split on June 5, issuing 1 new share for every 30 shares previously outstanding. Dividing the current price by 30 allows investors to judge the performance of equity sales at the end of 2024. It was a big capital raise when the company sold shares at $0.625 for $81 million in proceeds. The current price of $9.44 is well below this level.
The company, as we discussed before, has done so much. Since that last article, it announced the acquisition of Planet 13 (PLNH) and announced that it is acquiring certain assets of The Cannabist Company. It also shut down a Pennsylvania dispensary, PhytoNatural, its entry into the state. In June, it completed the purchase of Bridgewell Agribusiness, expanding its ancillary operations and announced dispensary acquisitions in Maryland and Nevada. It also agreed to buy C21 Investments (CXXIF).
In addition to the capital it recently raised in 2024, Vireo has relied on Chicago Atlantic (REFI), which will soon merge with Chicago Atlantic BDC (LIEN). Vireo’s CEO joined from Chicago Atlantic in late 2024.
So Vireo continues to do a lot of M&A, both in private and public companies. Investors continue to be impressed, in my opinion. The average trading value in VREOF for the last month was only 13 thousand shares per day. Stocks are down, and so are acquired companies.
Recent investors aren’t happy, but Vireo Growth’s pool of disgruntled owners runs very deep, as the company issued a lot of stock as part of its M&A. Perhaps more importantly, Chicago Atlantic’s stock is collapsing.
This further decline in Vireo Growth is a big red flag for hemp stocks.
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Michigan cannabis service provider
On August 17, Common C Holdings, LP’s commercial specialty hemp processing facility will be auctioned at 607 Wildwood Avenue in Jackson, Michigan and online at 11:00 a.m. ET. Learn more Of the secured party’s sale of all assets of this cultivation equipment.
Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.
New Cannabis Ventures has not published any curated articles or exclusive news.
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 hemp industry stocks. 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
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,
Many more cannabis companies reported Q1 financials this week. While NCV did not run any of those press releases, all data has been updated in the New Cannabis Ventures Public Cannabis Company Revenue & Income Tracker. The largest companies reporting in US dollars all reported, and the eleven companies that reported for the Q1 ended in March (excluding Tilray Brands, which is due to report its Q4 later this month) saw an average year-over-year revenue increase of 31% in their cannabis businesses.
Excluding Vireo Growth, that average comes to -0.7%, which is lower, especially after accounting for inflation, and a sign of continued challenges for the hemp industry. Speaking of Vireo, I’ve pointed out how investors didn’t care, and they still don’t. An average of just 375,000 shares traded per day over the past month, and the stock, which closed at $0.415, continues to trade off the level of its late 2024 capital raise and the price at which the company issued shares to make multiple acquisitions.
April was a big month for hemp stocks, but prices fell in May. The NCV Global Cannabis Stock Index rose 8.8% to 5.70 in April, but fell 2.8% to 5.54 in May. The year-to-year change of this index, which now covers 23 stocks, was -15.9%. Since its peak in early 2021, the GCSI is down 94%. Many are excited about the medical cannabis realignment that took place in April, although it remains unclear whether cannabis will be completely overhauled. The Department of Justice will hold hearings in late June to discuss adult-use cannabis, and it could be. If so, 280E tax would be removed, and this would be very good. I’ve written a lot about this since late 2022 when I highlighted it The potential end of 280E as a major catalyst.
The investor base in cannabis stocks has shrunk due to capital losses and fewer people interested in the sector. Institutions were more interested in high prices and maybe they would enter the field. 280E remains a big story, and not only is it being delayed by the limited realignment that’s already been completed, it’s unclear how unpaid taxes from the last few years will be treated.
NCV has stopped publishing most cannabis news, although we continue to update the financial calendar as well as the earnings rankings. After more than 10 years with NCV and more than a dozen years with 420 Investor, I am in the process of moving on. This is probably the last weekly newsletter. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, 280E taxation will be fully completed and the bear market that began in early 2021 for the hemp sector will be over.
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
Michigan April hemp sale decreased compared to a year ago, as they increased sequentially by 1.2%. At $258.6 million, sales decreased by 4.3 percent compared to last year.
Michigan’s cannabis regulatory agency breaks down sales by medical and adult use, with medical sales down 24.1% year-over-year to $0.4 million, down 5.6% sequentially, and adult-use sales down 4.3% year-over-year to $255.5 million, despite a one-day increase of 1.2% in March.
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. April’s average price of $945 per pound fell 4.2% sequentially to just above December’s record low and down 5.1% 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 5.9%.
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