Curaleaf Reports Q2 2026 Financial Results

STAMFORD – Curaleaf Holdings Inc. posted second-quarter 2026 revenue of $340.1 million, up 10% year-over-year and 5% sequentially; with net income from continuing operations of $12.5 million, or $0.05 per share, reversing a $48.1 million loss in the prior-year period.

Gross profit landed at $169.9 million at a 50% margin, up 70 basis points year-over-year. Adjusted EBITDA reached $70.1 million at a 20.6% margin, a 120-basis-point year-over-year decline driven by drag from the international segment. Cash at quarter end stood at $107 million against $611.5 million in outstanding debt.

Chairman and CEO Boris Jordan, marking his two-year anniversary in the role, called the quarter a confirmation of the company’s Built for Growth framework. “This was our second consecutive quarter of domestic year-over-year growth,” he told analysts, describing it as concrete evidence the operational reset is holding.

Curaleaf’s domestic segment grew 7% year-over-year, with retail revenue of $224.4 million and wholesale up 20% to $64 million. Ohio, Utah, New York, Florida, and Maryland each delivered double-digit growth. Two new Florida dispensaries brought the statewide count to 75 and the nationwide operated-and-managed footprint to 167.

International revenue grew 26% to $51.4 million, led by the U.K., Germany, and Poland. During Q2, Curaleaf completed the buyout of the remaining 45% stake in Four 20 Pharma, bringing Curaleaf International to full ownership. International gross margin settled at 42%, weighed down by supply chain inconsistency and price compression in Germany’s lower-end segments.

A $38.8 million income tax benefit recorded in Q2 traces directly to the April 2026 reclassification of medical Cannabis to Schedule III under the Controlled Substances Act. With Curaleaf’s medical operations removed from Section 280E’s reach, the company’s cash tax burden drops materially going forward. The company also applied to register all its medical facilities with the DEA and received shareholder approval to re-domicile from Canada to the United States – preparatory steps for a potential uplisting to a major U.S. exchange once adult-use rescheduling is finalized.

Shares fell 7.36% to $11.71 following the report. The market focused on a conservative Q3 outlook [low single-digit sequential growth to roughly $347 million] and core SG&A running at 34% of revenue. Management announced a $35 million to $40 million SG&A reduction program over the next 12 months in response.

Internationally, the company targets raising self-sourced European supply from roughly 20% today to between 50% and 75% within six to 12 months, through facility expansions in Portugal and Canada and targeted acquisitions. Post-quarter, Curaleaf Spain became the first company to receive regulatory approval for two Cannabis medicines.

Wrapping up, Curaleaf’s Q2 makes a credible case for a turnaround gaining traction. The near-term test is execution: cost reduction, international supply integration, and the anticipated shutdown of hemp inhalables, which management expects to drive 10–15% industry growth in 2027, will determine how durable this strategy actually becomes.