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friends,

Earnings season kicked off this week, and so far it’s been a mixed bag. Green Thumb Industries beat expectations, while Trulieve missed. Cronos Group also missed adjusted EBITDA despite falling revenue.

What’s most interesting to me about these quarterly reports are the updates we get in documents or press releases. A large category is share buybacks that are done.

GTI, which has a strong balance sheet, especially compared to other MSOs, has bought back more inventory. Cronos Group, which is cash- and debt-free, also bought some shares in November and December. These shares were acquired at close to tangible book value.

Trulieve did not report the share buyback, but the 10-K disclosed a 2025 bonus announced on 2/24 for CEO Rivers. The company has net cash, but its tangible book value is very negative and has deteriorated. The company does not buy back shares.

Ascend is set to report Q4 financials on 3/12 and it will be interesting to see if this very cheap stock company continues to buy back shares. The company has negative tangible book value, and the GTI 10-K disclosed that Ascend paid a $17 million penalty to GTI on 2/12, so I don’t expect it to be as aggressive with buybacks.

Stock buybacks seem like a good thing, especially when valuations are so low. However, investors should be wary of hemp companies buying back shares when they have balance sheet challenges.

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

Canadian cannabis sales hit a new record high in December

Michigan hemp sales began in 2026

Financial statements

Green Thumb Industries’ revenue is rising as profitability improves

Trulieve Q4 revenue down 3%

Capital increase

Curaleaf took out $500M over 3 years at 11.5%

GTI increases borrowings by $50 million

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.

Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and then again in 2025 as well. Although the index rose in December, it fell on the year. In January, the indicator decreased by 10.6%, reaching 5.89. February saw a drop in prices, but the market recovered with the index ending the month at 5.86, down 0.5%.

After collapsing 21.8% in late 2024 to 6.88 in Q4, the index fell heavily in Q1 and then marginally in Q2. The global hemp stock index, which now has 27 members, gained 53.0% in the third quarter but fell 14.2% in the fourth quarter, down 4.2% for the full year. In 2026, it decreased by 11.1%.

Since its peak in February 2021, the global hemp stock index is down 93.7% from a closing high of 92.48.

The 3 strongest names in February, each an MSO, were all up more than 13%;

Jazz Pharma rallied in 2026, but the other two declined.

February’s 3 weakest names are all down more than 13%;

All three have fallen significantly in 2026 so far.

We will summarize the performance of the index again in a month. In April, we historically combined the two articles, and we update here the other indexes that New Cannabis Ventures continues to maintain: the American Cannabis Operator Index, the Ancillary Cannabis Index, and the Canadian Cannabis LP Index.

American Hemp Operator Index

The ACOI sank in January, falling 12.5% ​​to 11.53, and fell further in February, falling 5.8% to 10.87. In 2025, it increased by 57.7% to 13.18 and decreased by 17.5% in 2026. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) fell 3.7% in February.

The strongest performing stock in February was TerrAscend (OTC: TSNDF ), up 7.7%. The weakest, Vireo Growth (OTC: VREOF ), fell 17.9%.

In March, the index will have seven members with the removals of Jushi Holdings (OTC: JUSHF ) and Vireo Growth.

Auxiliary cannabis index

Ancillary commodities lost 5.7% in February as the index fell to 9.84. The index decreased by 19.5% in 2025, reaching 11.09, and this year it decreased by 11.3%.

The strongest stock in February was Turning Point Brands (NASDAQ: TPB ), which rose 13.1%. The weakest iPower fell by 55.8%.

In March, the index will have seven members after the removal of GrowGeneration (NASDAQ: GRWG ), iPower (NASDAQ: IPW ) and Chicago Atlantic BDC (NASDAQ: LIEN ) during February’s low trading volume.

Canadian Hemp LP Index

Canadian LPs fell 0.9% in February as the index fell to 55.65. In 2025, the index increased by 17.8%, reaching 59.01, and in 2026, it decreased by 5.7%.

The strongest Canadian LP in February was Rubicon Organics (TSXV: ROMJ ), which rose 8.9%. Simply Insoluble Concentrates (TSXV: HASH ) was the weakest, down 27.8%.

In March, the index will have the same thirteen members.

• 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

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