Curaleaf Holdings reported $320 million in revenue for the third quarter of 2025, up 2% from the previous quarter.
The company’s overseas operations generated $46 million—up 56% year-over-year—helping offset domestic price compression that has challenged the broader marijuana industry.
Chairman and CEO Boris Jordan said the company’s “Return to Our Roots” plan, launched last year to strengthen product quality and margins, is beginning to pay off. “We generated third quarter revenue of $320 million, up 2% sequentially,” said Jordan. “Our domestic segment remained stable while our international segment delivered 12% sequential growth and 56% year-over-year growth. Adjusted gross margin improved to 50%, and we ended the quarter with $107 million in cash.”
Curaleaf reported an adjusted EBITDA of $69 million, representing a 22% margin, and generated $53 million in operating cash flow from continuing operations during the quarter. Free cash flow from continuing operations totaled $37 million. Year-to-date, operating and free cash flow have reached $104 million and $57 million, respectively.
The company opened new dispensaries in Ohio and Florida, bringing its national retail footprint to 158 locations. Internationally, Curaleaf completed the buyout of its minority partner in Curaleaf International, now holding 100% ownership of its European division. The subsidiary also launched the first medically certified liquid inhalation device, known as the QMID, in the United Kingdom and Germany.
Curaleaf’s adjusted gross margin rose to 50%, up 115 basis points year-over-year. The company posted a net loss of $54.5 million, or $0.07 per share, which includes a 200-basis-point drag from its hemp and international businesses.
Subsequent to the quarter, Curaleaf increased its revolving line of credit with Needham Bank from $40 million to $100 million at a 7.99% interest rate and completed a $25 million final payment tied to the Tryke acquisition.
Jordan said Curaleaf is positioned for renewed growth in 2026: “We’ve completed significant foundational work to reset the business—leveraging genetics, investing in our supply chain, and realigning our retail operations. These actions have positioned our domestic business for renewed growth while supporting rapid international expansion.”
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