Curaleaf generated $315 million in revenue in the second quarter of 2025, with steady U.S. operations and continued growth in international markets, the company announced today.

International revenue reached $41 million for the quarter, a 62% year-over-year increase, while adjusted EBITDA came in at $65.5 million with a 21% margin.

The company’s adjusted gross margin stood at 49%, rising 120 basis points from the same quarter in 2024. Despite a year-over-year revenue dip of 8%, Chairman and CEO Boris Jordan said the performance reflects “domestic stabilization” and “robust international momentum.” Curaleaf ended the quarter with $102 million in cash after making $47 million in interest and debt payments.

One of the quarter’s biggest developments was the company being awarded a license to operate in Turkey’s emerging medical marijuana market. Jordan called it a “key milestone,” noting the country’s population of 87 million and its potential for long-term growth. The company also completed the buyout of its international minority partner, giving it full ownership of Curaleaf International.

Domestically, Curaleaf opened new dispensaries in Winter Park and St. Augustine, Florida, and now operates 154 retail locations across 17 states. The company also launched Anthem, a cylindrical pre-roll brand, and Select ACE, a new vape product utilizing its proprietary aqueous extraction method.

In the six-month period ending June 30, Curaleaf reported $624.5 million in total revenue and $130.7 million in adjusted EBITDA. International revenue for the half-year reached $75.8 million, a 67% jump over the same period last year.

Adjusted net loss for Q2 was $47.8 million, or $0.06 per share, compared to $40.4 million last year. For the first half of 2025, the adjusted net loss totaled $95.5 million.

Looking ahead, Jordan said the company is focusing on refining its supply chain, enhancing customer service, and boosting product quality to stay competitive in what he called a “volatile environment.”