Curaleaf Reports Q2 2025 Financial Results

STAMFORD – Curaleaf Holdings, Inc., a major player in the global Cannabis market, released its financial and operational results for the second quarter of 2025, ending June 30, showcasing a blend of domestic resilience and robust international expansion.

The company reported total revenue of $314.5 million, a modest 1.5% increase from the $310 million recorded in Q1 2025, though down 8% from $342.3 million in Q2 2024.

Driven by enhanced operational efficiencies in cultivation and manufacturing, Curaleaf’s adjusted gross margin improved to 49%, up 120 basis points on a year-over-year basis. Adjusted EBITDA reached $65.5 million, yielding a 21% margin, a slight decline of 40 basis points from the prior year. The corporation disclosed a net loss from ongoing operations amounting to $50.6 million, or $0.07 per share, with an adjusted net loss of $47.8 million, or $0.06 per share. Cash reserves stood at $102.3 million at quarter’s end, after $47 million in interest and debt payments, with outstanding debt at $561 million net of unamortized discounts.

The international segment was a standout, generating $41 million in revenue, a 62% surge from $25.2 million in Q2 2024. From the beginning of 2025 through the first half of the year, international revenue leaped 67% from $45.3 million in 2024 to $75.8 million, highlighting Curaleaf’s expanding global outreach. A key milestone was the company’s acquisition of a license to operate in Turkey’s emerging medical Cannabis market, set to launch in 2026, tapping into a population of 87 million. Curaleaf also completed a buyout of its international business minority partner, securing full ownership of Curaleaf International for greater operational flexibility.

Within the domestic market, Curaleaf operates a network of 154 retail locations spanning 17 U.S. states, including new dispensaries opened in Winter Park and St. Augustine, Florida, and Lima, Ohio. Florida remains a centerpiece, hosting 67 medical dispensaries. The company also launched its first hemp-focused retail storefront in West Palm Beach, Florida, and introduced new products, including Anthem, a cylindrical pre-roll brand, and Select ACE, a vape product featuring a proprietary extraction method. Additionally, Curaleaf achieved EU-MDR certification for a liquid Cannabis inhalation device, with plans for rollout in the UK, Europe, and Australia as regulations permit.

Curaleaf’s Q2 2025 performance reflects a company balancing domestic challenges with international opportunities. Curaleaf’s strategic investments and global reach position it to adapt to shifting market dynamics, with analysts and investors watching closely for how its Turkey venture and product innovations shape future growth.