Company Reports

We will discontinue analyst coverage of Curaleaf on or about April 20.

Curaleaf's fourth-quarter revenue grew 2% year over year to USD 333 million. International revenue contributed USD 51 million (a 65% increase) to offset domestic's 5% decline (to USD 282 million). Price compression continued, with Curaleaf's markets again suffering double-digit percentage declines.

On Dec. 18, President Trump signed an executive order directing federal agencies to lower cannabis' status to Schedule III from Schedule I. This follows a Washington Post report last week that signalled the move would be coming soon.

On Dec. 11, the Washington Post reported that President Donald Trump would issue an executive order to reclassify cannabis to Schedule III from Schedule I as soon as next week. Federal agencies would then begin the process, though it could take six months to a year for the rule to go into effect.

Curaleaf cultivates and sells cannabis in the US with a presence in 17 states. Vertically integrated, Curaleaf produces through 19 cultivation sites and sells directly through 151 dispensaries and wholesale to other dispensaries. Compared with other multistate operators, Curaleaf has generally employed a more aggressive growth strategy, which hasn't always paid off, leading to exits and sales.

On Nov. 10, the US Senate passed a funding bill that included a provision banning the sale of hemp-derived products that include more than 0.4 milligrams of THC. This would potentially halt the sale of gray-market delta-8 and delta-9 as well as popular THC beverages produced by craft brewers.

Curaleaf's third-quarter revenue fell 3% year over year to USD 320 million. International revenue contributed USD 46 million, a 56% increase, but failed to offset domestic revenue's 9% decline to USD 274 million. Price compression continued, with Curaleaf's markets suffering a double-digit decline.

On Sept. 29, shares of Curaleaf were up more than 30%, Green Thumb up nearly 20%, and Tilray up more than 50%. The rally followed President Donald Trump's social media repost of a video touting the benefits of CBD for the elderly.

Curaleaf's second-quarter revenue fell 8% year over year to $315 million. International revenue added $41 million, a 62% increase, but failed to offset domestic revenue's 14% decline to $274 million as price compression continues to take a toll in many states.

Curaleaf cultivates and sells cannabis in the US with a presence in 17 states. Vertically integrated, Curaleaf produces through 19 cultivation sites and sells directly through 151 dispensaries and wholesale to other dispensaries. Compared with other multistate operators, Curaleaf has generally employed a more aggressive growth strategy, which hasn't always paid off, leading to exits and sales.

Shares of Curaleaf were up 22%, Green Thumb up 9%, and Tilray down 6% on July 10. The optimism behind this rally seems to stem from political influencers pushing a viral campaign for rescheduling cannabis to a lower classification than its current Schedule I classification in the US.

Curaleaf cultivates and sells cannabis in the US with a presence in 17 states. Vertically integrated, Curaleaf produces through 19 cultivation sites and sells directly through 151 dispensaries and wholesale to other dispensaries. Compared with other multistate operators, Curaleaf has generally employed a more aggressive growth strategy, which hasn't always paid off, leading to exits and sales.

Curaleaf's first-quarter revenue fell 9% year over year to $310 million. International revenue added $15 million, but failed to offset the $44 million in lower domestic revenue amid price compression in many states. This also led the adjusted EBITDA margin to contract 180 basis points to 21%.

Curaleaf cultivates and sells cannabis in the US with a presence in 17 states. Vertically integrated, Curaleaf produces through 19 cultivation sites and sells directly through more than 150 dispensaries and wholesale to other dispensaries. Compared with other multistate operators, Curaleaf has generally employed a more aggressive growth strategy, which hasn't always paid off, leading to exits and sales.

Curaleaf's fourth-quarter net revenue declined 4% over the prior year to $331 million, and adjusted EBITDA margin narrowed 117 basis points to 23%, as US price compression offset growing international medical demand and states with recently opened adult-use markets.

In recent quarters, revenue growth for US multistate operator Curaleaf has been relatively flat in its home market. Headwinds, including hemp-derived delta-8, a resilient illicit market, price compression, and slower incremental state legalization expansion, have weighed on sales.

Curaleaf cultivates and sells cannabis in the US with a presence in 17 states. Vertically integrated, Curaleaf produces through 19 cultivation sites and sells directly through 149 dispensaries and wholesale to other dispensaries. Compared with other multistate operators, Curaleaf has generally employed a more aggressive growth strategy, which hasn't always paid off, leading to exits and sales.

Revenue growth for US multistate operators, or MSOs, Curaleaf and Green Thumb has been flat to low-single-digit percentages in the last several quarters and legal market growth has underwhelmed, compounded by slowed expansion of legalization.

Curaleaf reported third-quarter earnings the day after the US election, compounding a mediocre quarter with unfavorable voting results for the cannabis industry. Revenue declined sequentially 3% to $331 million, though adjusted EBITDA margin improved slightly to 23%.

The 2024 US elections results weren't great for cannabis, leading to double-digit sector stock drops. Vice President Harris, who had stated intentions to legalize recreational use nationally, lost to Donald Trump. Meanwhile, three of four state legalization referendums also failed.