Curaleaf Rolls Out $83M Buyback Plan Ahead Of Q1 Results

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has launched a share buyback program covering up to 5% of its public float.

What Happened

The company said on Thursday that it has obtained approval from the Toronto Stock Exchange to launch a normal course issuer bid (NCIB).

Under the program, the company can repurchase up to 34.4 million shares, or about 5% of shares outstanding, over the course of one year, starting on April 20, 2026, and no later than April 19, 2027.

The buyback is valued at roughly $83 million, based on the recent share price.

Why It Matters

Boris Jordan, chairman and CEO of Curaleaf, said this buyback is an opportunity to return value to shareholders.

“This share repurchase program is a meaningful way to return value to our shareholders and reflects our confidence in the strength and durability of our strategy,” said Boris Jordan, Chairman and CEO of Curaleaf, in a statement.

Moreover, the program gives flexibility to buy shares when market conditions are favorable.

Curaleaf’s buyback is notable given its balance sheet. The company carries about $657 million in net debt, or roughly 2.4x EBITDA, the highest among Tier 1 MSOs, while holding just $102 million in cash.

Despite that, its interest burden remains relatively low at about 4.1% of sales, which helps explain how it can justify deploying roughly $83 million into share repurchases.

From a valuation perspective, Curaleaf trades at about 2.5x EV to sales and 11.5x EV to EBITDA, a premium to much of the group, despite operating at a lower adjusted EBITDA margin of around 21% versus ~25% for Cresco Labs (OTCQX: CRLBF) and Trulieve Cannabis (OTCQX: TCNNF) at ~36%. The buyback, therefore, reads as a forward-looking bet on improvement, especially as international operations scale.

What’s Next

Purchases will occur on the TSX and alternative systems at market prices, with a daily limit of roughly 210,000 shares.

Buybacks under the NCIB are expected to start following the release of the company’s first-quarter financial results.

The company’s move helps support valuation and confidence. That said, the company’s fourth quarter 2025 earnings report suggests business is stable and improving with revenue of $333 million for the quarter, up 5% sequentially and 2% year-over-year. Adjusted gross margin expanded to 49%, while free cash flow from continuing operations totaled $89 million.

Compared to U.S. operations, growth was much stronger internationally, with revenue totaling $172.5 million for the year, an increase of 63% year-over-year. The company is already generating roughly $50 million in overseas quarterly revenue, including about $30 million tied to Germany, where imports recently surged 85% year over year. With UK exports up 4.4x and U.S. growth slowing, including a 1% sequential decline in domestic sales, the strategy increasingly leans on global margin expansion.

Curaleaf International, one of Europe’s largest vertically integrated cannabis companies, acts as the international division of Curaleaf. In the fourth quarter, Curaleaf International launched the first medically certified liquid inhalation device, the QMID, in the UK and Germany.

CURLF Price Action

Curaleaf’s shares traded 1.14% lower at $2.6 per share at the time of writing on Thursday.