Curaleaf Holdings has become one of the biggest beneficiaries of renewed cannabis market enthusiasm. Shares have climbed nearly 80% year to date and are up more than 230% in the past three months, fueled by speculation around potential U.S. federal rescheduling and the company’s push to streamline its business.
CURLF Jumps 230% in Three Months, Analysts Stay Optimistic Despite Losses
With a $1.7 billion market cap, Curaleaf is among the most prominent multi-state operators (MSOs) in the U.S. Its footprint spans more than 150 dispensaries nationwide, supported by a diverse lineup of branded cannabis products ranging from flower and vapes to edibles and hemp-derived beverages.
The company’s “domestic stabilization” plan (cutting costs, refocusing stores on profitability, and leaning into higher-margin products) has helped reassure investors. On a valuation basis, Curaleaf’s price-to-sales ratio of 1.5 remains well below the sector median of 3.5, positioning it as a relatively cheaper option among peers.
Growth Drivers: Retail and Beyond
While regulatory momentum is a major driver, Curaleaf is also executing on expansion. Beyond dispensaries, it is testing consumer packaged goods distribution with hemp-derived seltzers and other cannabis-infused items entering mainstream retail. Internationally, the company is strengthening its presence in Germany and the UK, markets that could offer higher-margin growth opportunities.
Q2 Earnings Snapshot
Curaleaf’s second-quarter results offered a mixed picture. Revenue of $314.5 million was down 8% from the prior year, but margins improved significantly. Gross margin reached about 49%, and adjusted EBITDA came in around $65–66 million on a 21% margin.
International operations were a bright spot, with cannabis sales abroad rising 74% year-over-year in Q1 2025. Still, adjusted net losses of $50.6 million highlight the ongoing challenge of turning positive bottom-line results.
On the balance sheet, Curaleaf posted $51 million in positive operating cash flow for the first half, yet net debt remains heavy at over $500 million against $102 million in cash.
Analyst Outlook
Wall Street sentiment leans positive. Out of eight analysts tracked by Barchart, five rate CURLF a “Strong Buy,” one calls it a “Moderate Buy,” one suggests a “Hold,” and one issues a “Strong Sell.” The 12-month average price target of $3 implies more than 13% potential upside from current levels.
Bottom Line
Curaleaf has staged a sharp comeback, driven by speculation, operational improvements, and global growth. But the path forward depends on navigating federal policy shifts and proving it can consistently generate profits while managing leverage.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
