American Cannabis News
Curaleaf Q4 Revenue Grows 2% – New Cannabis Ventures
- 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.
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.
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.
Sincerely,
Alan:
Contact us acquire NCV assets or a website domain
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.
Exclusives
Michigan cannabis sales are down again
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
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;
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
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,
The New Cannabis Ventures Global Cannabis Stock Index edged up slightly in May, rising 1.1% to 5.76. Compared to the previous year, it decreased by 12.6%. The index, recalculated as of the end of the first quarter, is up 9.9% so far in the second quarter, lagging the S&P 500’s 12.8% gain. Here are the earnings of the 23 names currently in the index (SMG was dropped in late April after the sale of Hawthorne Gardening):
MSOs are very much higher as the rally approaches the discussion of the big transformation announcements on 4/22 and beyond. There are currently six MSOs and two of them have been promoted. The rest rose, and the average of the six was 38.1%. The AdvisorShares Pure US Cannabis ETF ( MSOS ) has rallied 48.5% since the end of March and is now up 11.7% year-to-date in 2026. Both GCSI names have fallen sharply, and the index has a total of seven double-digit gains in Q2, with six MSOs and Canopy holding investments. 14 of the 23 names returned less than GCSI.
As readers are probably aware, the US reclassified medical cannabis from Schedule I to Schedule III on 4/23, and that will go away. 280E tax for some of the businesses of cannabis companies. The Department of Justice will hold a hearing in late June to determine possible rezoning for adult use. If it passes, all 280E taxation will end, which is a good thing for cannabis companies and their investors, as well as the subsidiaries that serve them. It is not yet known what the outcome will be, and it is not yet known how past 280E taxes that have not been paid but are carried as liabilities (and not debt) will be handled. Also, there is no conclusion yet on SECURITY banking or the possibility of a raise.
NCV has stopped publishing 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. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, the 280E taxation will end and the bear market that started in early 2021 for the hemp sector will come to an end.
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Massachusetts hemp production equipment for sale
On May 12, Middlesex Integrative Medicine, Inc.’s equipment is being auctioned online in Leominster, Massachusetts at 10:00 a.m. ET. All applications must be submitted online. 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 publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.
Exclusives
Sales of Canadian hemp continued in February
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
Legalization vs. Decriminalization; Democrats vs. Republicans; Harris vs Trump; Weed Talk News
BUDDING MIND | BROOKE BURGSTAHLER
Marijuana Retail Report
Health Canada opens consultations to deregulate hemp
Earnings Keep Rolling As Reform Momentum Builds
Cannabis Advocacy Groups Push Congress For Legalization And Other Reforms Following Trump’s Rescheduling Move
WWE Hall of Famer and Professional Wrestler Rob Van Dam Launches CBD Product Line
National CBD Day! The B Block of Weed Talk News with Alaina Pinto;
40,000 INMATES
More cannabis companies join Texas medical marijuana program as list of potentials hits 15
“Our system can manage equipment across 10,000+ m² using just a few wires”
Florida Workshop to Discuss What Constitutes a ‘Cartoon’ in Hemp Packaging
Mazar-i-Sharif Hash Wednesday
Afghan Black Hash Wednesday
Re-release of the full show of Cannabis Coast to Coast news. Republican Texas DA Fires Up vs. laws;
From Finance to Wellness: Brad Zerman’s Impactful Pivot
Weak Michigan Cannabis Sales Again in July – New Cannabis Ventures
DEA’s Cole Reverses His “priorities” ; Prohibitionists Dig In; Dead & Co Celebrates 60 years in SF
Your Cannabis Business: Consistent Filings Are Critical
Texas DA Fires Up for Change! Mass. Sheriff arrested on Extortion charges; GOP vs Industry in state
-
Cannabis News9 months ago“Our system can manage equipment across 10,000+ m² using just a few wires”
-
Florida9 months agoFlorida Workshop to Discuss What Constitutes a ‘Cartoon’ in Hemp Packaging
-
Video8 months agoMazar-i-Sharif Hash Wednesday
-
Video7 months agoAfghan Black Hash Wednesday
-
Video9 months agoFrom Finance to Wellness: Brad Zerman’s Impactful Pivot
-
Video9 months agoRe-release of the full show of Cannabis Coast to Coast news. Republican Texas DA Fires Up vs. laws;
-
aawh9 months agoWeak Michigan Cannabis Sales Again in July – New Cannabis Ventures
-
Video9 months agoDEA’s Cole Reverses His “priorities” ; Prohibitionists Dig In; Dead & Co Celebrates 60 years in SF