Curaleaf reported $324.2 million in revenue for the first quarter of 2026, a 6% increase from the same period last year, while also posting $70.1 million in net income from continuing operations.
The company, one of the largest marijuana operators in the U.S. and international markets, said first-quarter revenue was up from $306.6 million in the first quarter of 2025, though it was down 3% from the $333.1 million reported in the fourth quarter of 2025.
Curaleaf reported gross profit of $157.3 million, with a gross profit margin of 49%. Adjusted EBITDA was $63.4 million, representing a 19.6% margin. The company ended the quarter with $106.1 million in cash and $565.1 million in outstanding debt, net of unamortized debt discounts and deferred financing fees.
“2026 is off to a strong start across the business,” said Boris Jordan, Curaleaf’s chairman and CEO. “The macro headwinds that constrained growth over the past three years are now beginning to turn into meaningful tailwinds.”
Jordan said the “historic rescheduling of medical cannabis provides a shift in the trajectory of our business and the industry overall,” adding that Curaleaf is “well-positioned” as the market changes.
Domestically, Curaleaf reported $277 million in revenue, up 2% from the same quarter last year. International revenue reached $47.2 million, a 35% year-over-year increase.
During the quarter, Curaleaf deepened its Florida retail footprint to 72 locations, opening new dispensaries in Lauderhill and Cape Coral. The company also opened an adult-use dispensary in Bangor, Maine, bringing its total in the state to six, and opened Curaleaf-branded dispensaries in Findlay and Lorain, Ohio, bringing its nationwide store count to 164.
Curaleaf also launched its Select Briq 2 vape in 12 states and completed a private placement of $500 million in non-dilutive senior secured notes due in 2029, which it used to fully repay outstanding senior secured notes due in 2026.
After the quarter ended, Curaleaf launched Dark Heart, an ultra-premium flower brand, across 11 states. The company also completed the buyout of the remaining 45% equity interest in Four 20 Pharma, its German subsidiary, raising its ownership to 100%, and filed applications to register certain medical marijuana locations with the DEA.
The company also announced that PKF O’Connor Davies will resign as auditor effective May 6, with BDO USA appointed as successor auditor until Curaleaf’s next annual general shareholder meeting, scheduled for June 22.
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