Curaleaf Reports $70M Net Income as International Cannabis Revenue Surges 35%

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) reported first quarter 2026 revenue of $324.2 million, marking a 6% year over year increase as the company posted one of the strongest profitability quarters among major cannabis operators.

The company also reported net income attributable to Curaleaf of $69.8 million, compared to a net loss of $61.1 million during the same period last year. Net income from continuing operations reached $70.1 million, or $0.09 per share.

Curaleaf’s international business stood out as one of the quarter’s strongest growth drivers. International revenue climbed 35% year over year to $47.2 million, while domestic revenue increased 2% to approximately $277 million.

“Our domestic and international segments grew 2% and 35%, respectively,” CEO Boris Jordan said in a press release, adding that the company believes it is “uniquely positioned not just to benefit from the recent regulatory shift, but to lead the next phase of industry growth.”

Curaleaf Margin Performance and EBITDA

Gross profit reached $157.3 million during the quarter, with gross margin at 49%, down 220 basis points from the prior year period. Adjusted EBITDA totaled $63.4 million, representing a 19.6% margin, compared to 21.6% a year earlier.

The company noted that international operations created a 170 basis point drag on EBITDA margins as it continues expanding overseas infrastructure and distribution capabilities.

Operating cash flow from continuing operations came in at $21.3 million, while free cash flow totaled $4.3 million after approximately $17 million in capital expenditures tied to automation, facility upgrades, and retail expansion.

At quarter end, Curaleaf held $106.1 million in cash and reported $565.1 million in outstanding debt, net of deferred financing fees and discounts.

International Cannabis Expansion Continues

Curaleaf continued deepening its international footprint during the quarter by completing the buyout of the remaining 45% stake in German cannabis operator Four 20 Pharma, bringing its ownership to 100%.

The company also appointed Four 20 Pharma co-founder and managing director Torsten Greif to Curaleaf’s board of directors.

The move strengthens Curaleaf’s vertically integrated European infrastructure at a time when Germany continues to emerge as one of the most important regulated cannabis markets globally.

Florida, Ohio, and Retail Expansion

Domestically, Curaleaf expanded its retail footprint in several strategic states.

The company opened new dispensaries in:

• Lauderhill and Cape Coral, bringing its Florida store count to 72
• Bangor, Maine, is expanding to six retail locations in the state
• Findlay and Lorain, Ohio, increasing Curaleaf’s nationwide retail footprint to 164 dispensaries

Curaleaf also launched its Select Briq 2 vape product across 12 states and introduced its premium flower brand Dark Heart in 11 states following the quarter.

Debt Refinancing and DEA Registration

The company completed a private placement of $500 million in senior secured notes due in 2029, using the proceeds to fully repay outstanding 2026 senior secured notes.

Curaleaf also confirmed that it filed applications to register certain medical cannabis locations with the DEA following the federal rescheduling order.

The filings position Curaleaf among the first major cannabis operators attempting to transition portions of their business into a federally recognized medical framework under Schedule III.

Curaleaf Revenue Breakdown

Curaleaf generated:

• $215.2 million in domestic retail revenue
• $61.5 million in domestic wholesale revenue
• $15.9 million in international retail revenue
• $28.3 million in international wholesale revenue

Sequentially, however, total company revenue declined 3% from Q4 2025 revenue of $333.1 million, reflecting continued pricing pressure and uneven market demand across parts of the U.S. cannabis industry.