Curaleaf Holdings, Inc. (CURLF)
Curaleaf Holdings, Inc. engages in the retail and wholesale of cannabis products in the United States and internationally. The company operates licensed cultivation; and pharma-grade cannabis processing and manufacturing facilities. It also supplies cannabis on a wholesale basis to Australia, New Zealand, the United Kingdom and various European countries, including Germany, Italy, Poland, the Czech Republic, Switzerland, Sweden and Norway. In addition, the company operates a medical cannabis clinic and holds a pharmacy license. It serves the medical and adult-use cannabis markets through retail and wholesale channels. The company is based in Stamford, Connecticut.
Sector: Medicinal Chemicals & Botanical Products
Industry: Drug Manufacturers - Specialty & Generic
Curaleaf Holdings, Inc.
OTC:CURLFHealthcare · Drug Manufacturers - Specialty & Generic
-2.96%$7.88
Mkt Cap$1.84B
Float163.48M
O/S233.54M
Inst Own-
SI0.4%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.29B
Net Income-$235.12M
Total Assets$2.84B
Free Cash Flow$75.8M
Debt & Equity
Debt 58%
Equity 42%
Total Debt$1.04B
Total Equity$754.97M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
2-year cumulative
1:3
Nasdaq bars a compliance period at 1:250
- 1:3Reverse splitJun 5, 20263 shares → 1
Balance Sheet Details
Assets$2.84B
Liabilities$2B
Accounts Receivable$80.82M
Accounts Payable$74.59M
Inventory$0
PP&E (Net)$729.93M
Goodwill$633.96M
Intangible Assets$1.01B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Revenue | $1.29B | $1.28B | $1.37B | $1.22B | $1.19B | $659.74M | $226.16M | $73.13M | $20.01M | $0 | $0 | $0 |
| YoY Growth | 0.9% | -6.8% | 12.0% | 3.3% | 79.7% | 191.7% | 209.3% | 265.5% | - | - | - | - |
| Cost of Revenue | $792.14M | $833.35M | $884.9M | $732.32M | $705.04M | $548.16M | $213.7M | $36.63M | $11.45M | $0 | $0 | $0 |
| Gross Profit | $498.2M | $444.98M | $486.43M | $492.56M | $480.43M | $111.58M | $12.46M | $36.5M | $8.56M | $0 | $0 | $0 |
| Gross Margin | 38.6% | 34.8% | 35.5% | 40.2% | 40.5% | 16.9% | 5.5% | 49.9% | 42.8% | - | - | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $472.3M | $425.75M | $442.76M | $430.15M | $422.37M | $271.79M | $140.83M | $64.01M | $19.61M | $118K | $161K | $47K |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $472.3M | $425.75M | $442.76M | $430.15M | $422.37M | $271.79M | $140.83M | $64.01M | $19.61M | $118K | $161K | $47K |
| Operating Income (EBIT) | $25.9M | $19.23M | $43.67M | $62.41M | $58.06M | -$160.21M | -$128.37M | -$27.52M | -$11.05M | -$118K | -$161K | -$47K |
| Operating Margin | 2.0% | 1.5% | 3.2% | 5.1% | 4.9% | -24.3% | -56.8% | -37.6% | -55.2% | - | - | - |
| Interest Expense | $102.59M | $100.62M | $100.38M | $88.84M | $78.51M | $69M | $24.75M | $7.31M | $1.59M | $0 | $0 | $0 |
| Interest Income | $675K | $739K | $23K | $136K | $629K | $6.48M | $9.94M | $4.8M | $2.99M | $0 | $0 | $0 |
| Other Income (Expense) | -$105.48M | -$131.21M | -$170.32M | -$145.47M | -$119.71M | $192.63M | $81.52M | -$25.85M | $6.93M | $0 | $598 | $1K |
| Income Before Tax (EBT) | -$79.58M | -$111.98M | -$126.65M | -$83.06M | -$61.65M | $32.42M | -$46.85M | -$53.37M | -$4.12M | -$118K | -$161K | -$46K |
| Income Tax Expense | $125.85M | $93.86M | $116.69M | $171.74M | $151.1M | $92.17M | $24.62M | $5.36M | $1.11M | $0 | $0 | $0 |
| Net Income | -$235.12M | -$226.73M | -$286.35M | -$355.43M | -$204.13M | -$60.18M | -$68.81M | -$53.59M | -$2.92M | -$118K | -$161K | -$46K |
| Net Income Margin | -18.2% | -17.7% | -20.9% | -29.0% | -17.2% | -9.1% | -30.4% | -73.3% | -14.6% | - | - | - |
| Supplementary Data | ||||||||||||
| EPS | -0.93 | -0.87 | -1.20 | -1.59 | -0.48 | -0.33 | -0.45 | -0.48 | -0.05 | -0.30 | -0.60 | -0.19 |
| Diluted EPS | -0.93 | -0.87 | -1.20 | -1.59 | -0.48 | -0.33 | -0.45 | -0.48 | -0.05 | -0.30 | -0.60 | -0.19 |
| Weighted Average OS | 254.03M | 246.94M | 241.37M | 237.05M | 232.92M | 185.73M | 154.30M | 132.17M | 107.61M | 381,981 | 272,603 | 246,667 |
| EBITDA | $166.88M | $221.95M | $191.38M | $161.34M | $148.56M | $188.99M | $16.55M | -$38.22M | $1.39M | -$118K | -$161K | -$46K |
| EBITDA Margin | 12.9% | 17.4% | 14.0% | 13.2% | 12.5% | 28.6% | 7.3% | -52.3% | 6.9% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and Cash Equivalents | $101.39M | $107.16M | $91.35M | $163.1M | $298.92M | $73.54M | $42.31M | $266.62M | $20.98M | $22K | $125K | $54K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $101.39M | $107.16M | $91.35M | $163.1M | $298.92M | $73.54M | $42.31M | $266.62M | $20.98M | $22K | $125K | $54K |
| Accounts Receivable | $80.82M | $66.44M | $62.36M | $45.16M | $62.66M | $31.48M | $18.34M | $9.4M | $1.25M | $372 | $4K | $878 |
| Inventory | $0 | $220.52M | $214.81M | $234.68M | $247.81M | $244.2M | $82.41M | $32.47M | $14.1M | $0 | $0 | $0 |
| Other Current Assets | $265.6M | $35.3M | $47.95M | $209.19M | $116.25M | $68.64M | $6.48M | $4.97M | $843K | $0 | $0 | $0 |
| Total Current Assets | $447.81M | $429.43M | $416.46M | $652.13M | $725.64M | $417.86M | $149.53M | $313.46M | $37.16M | $23K | $135K | $73K |
| Long-Term Assets | ||||||||||||
| Property, Plant & Equipment Net | $729.93M | $767.66M | $829M | $870.19M | $703.95M | $510.02M | $212.61M | $66.97M | $23.52M | $0 | $0 | $0 |
| Goodwill | $633.96M | $628.51M | $623.42M | $624.85M | $605.01M | $538.83M | $69.33M | $47.27M | $31.56M | $0 | $0 | $0 |
| Intangible Assets | $1.01B | $1.08B | $1.17B | $1.21B | $1.03B | $707.63M | $185.63M | $52.92M | $27.22M | $0 | $0 | $0 |
| Long-Term Investments | $5.61M | $23.78M | $32.48M | $36.08M | $5.24M | $18.26M | $108.38M | $79.22M | $24.8M | $0 | $0 | $9K |
| Deferred Tax Assets | $0 | $401K | $417K | $1.56M | $2.15M | $5.53M | $2.63M | $2.56M | $2.05M | $0 | $0 | $0 |
| Other Long-Term Assets | $13.55M | $13.26M | $12.51M | $15.45M | $24.22M | $167.37M | $8.82M | $7.44M | $5.28M | $24K | $16K | $9K |
| Total Long-Term Assets | $2.39B | $2.52B | $2.66B | $2.76B | $2.38B | $1.95B | $587.39M | $256.38M | $114.44M | $24K | $16K | $18K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $2.84B | $2.95B | $3.08B | $3.41B | $3.1B | $2.37B | $736.93M | $569.84M | $151.6M | $48K | $152K | $91K |
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts Payable | $74.59M | $79.08M | $78.91M | $80.75M | $26.71M | $47.04M | $12.74M | $3.97M | $1.72M | $0 | $0 | $0 |
| Short-Term Debt | $74.35M | $137.18M | $70.31M | $81.93M | $23.42M | $22.21M | $28.84M | $2.4M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $34.67M | $197.04M | $149.57M | $140.02M | $79.65M | $15.11M | $2.73M | $827K | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $2.17M | $862K | $676K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $125.92M | $116.79M | $119.28M | $155.58M | $126.7M | $71.22M | $49.56M | $15.72M | $2.25M | $12K | $9K | $9K |
| Total Current Liabilities | $293.78M | $387.69M | $491.51M | $496.64M | $315.81M | $220.13M | $106.26M | $24.83M | $4.79M | $12K | $9K | $9K |
| Long-Term Liabilities | ||||||||||||
| Long-Term Debt | $511.99M | $466.62M | $545.48M | $570.53M | $457.3M | $285M | $87.95M | $81.9M | $10.19M | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $211.62M | $244.46M | $295.66M | $308.83M | $257.44M | $200.81M | $22.64M | $6.51M | $3.5M | $0 | $0 | $0 |
| Other Long-Term Liabilities | $535.13M | $397.92M | $105.98M | $142.19M | $79.16M | $9.26M | $35.31M | $20.96M | $28.35M | $0 | $0 | $0 |
| Total Long-Term Liabilities | $1.71B | $1.57B | $1.42B | $1.52B | $1.12B | $765.56M | $227.22M | $109.37M | $42.04M | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2B | $1.95B | $1.92B | $2.01B | $1.44B | $985.69M | $333.48M | $134.19M | $46.84M | $12K | $9K | $9K |
| Stockholders' Equity | ||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $0 | $0 | $0 | $0 | $2.22B | $1.75B | $693.7M | $657.52M | $109.86M | $313K | $296K | $95K |
| Retained Earnings | -$1.58B | -$1.36B | -$1.13B | -$859.16M | -$488.8M | -$190.07M | -$132.91M | -$65.67M | -$8.9M | -$325K | -$199K | -$46K |
| Comprehensive Income & Other | -$1.8M | -$20.07M | -$11.81M | -$18.59M | -$250.63M | -$180.44M | -$146.82M | -$146.76M | $5.4M | $0 | $0 | $0 |
| Other Stockholders' Equity | $2.34B | $2.22B | $2.18B | $2.14B | -$190.1M | -$185.65M | -$152.03M | -$151.09M | $4.44M | $47K | $46K | $32K |
| Total Equity | $754.97M | $860.7M | $1.05B | $1.28B | $1.54B | $1.38B | $408.76M | $440.77M | $105.39M | $36K | $143K | $82K |
| Minority Interest | $83.78M | $132.1M | $120.03M | $121.06M | $118.81M | $2.09M | -$5.32M | -$5.13M | -$629K | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.76B | $2.82B | $2.96B | $3.29B | $2.98B | $2.36B | $742.24M | $574.97M | $152.23M | $48K | $152K | $91K |
| Supplementary Data | ||||||||||||
| Total Debt | $1.04B | $1.06B | $1.09B | $1.15B | $809.04M | $577.71M | $198.11M | $84.3M | $10.19M | $0 | $0 | $0 |
| Net Debt | $933.83M | $954.92M | $1B | $983.98M | $510.11M | $504.16M | $155.8M | -$182.31M | -$10.78M | -$22K | -$125K | -$54K |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Operating Activities | ||||||||||||
| Net Income | -$251.44M | -$221.23M | -$234.03M | -$248.24M | -$204.13M | -$60.18M | -$68.81M | -$53.59M | -$2.92M | -$118K | -$161K | -$46K |
| Depreciation & Amortization | $143.87M | $238.14M | $215.8M | $159.08M | $132.39M | $83.92M | $38.07M | $8.21M | $3.86M | $0 | $0 | $0 |
| Deferred Income Tax | $0 | -$52.04M | -$30.45M | -$14.52M | -$10.51M | $12.34M | $7.12M | $2.37M | $249K | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||
| Accounts Receivable | $6.82M | $2.11M | $112K | -$19.42M | -$25.03M | $6.27M | -$7.1M | -$7.73M | -$440K | $4K | -$4K | -$878 |
| Inventory | -$3.79M | $2.85M | $10.03M | -$15.46M | -$92.3M | -$97.26M | -$29.41M | -$12.5M | -$7.67M | $0 | $0 | $0 |
| Accounts Payable | -$5.29M | -$5.36M | $2.27M | $48.11M | -$10.21M | $10.48M | $545K | $1.27M | -$204K | $0 | $0 | $0 |
| Other Working Capital | $124.76M | $99.12M | $22.35M | $50.2M | $72.24M | $110.61M | $21.66M | $32.67M | $11.21M | $7K | $11K | -$9K |
| Total Working Capital Change | $122.49M | $98.71M | $34.77M | $63.42M | -$55.3M | $30.1M | -$14.32M | $13.7M | $2.9M | $11K | $7K | -$10K |
| Other Non-Cash Items | $125.42M | $91.17M | $90.55M | $84.82M | $79.79M | -$53.17M | -$1.28M | -$2.11M | -$12.08M | $0 | -$597 | $31K |
| Net Cash from Operating | $140.35M | $154.76M | $76.64M | $44.56M | -$57.77M | $13.01M | -$39.21M | -$31.41M | -$7.99M | -$107K | -$154K | -$25K |
| Investing Activities | ||||||||||||
| Capital Expenditures | -$65.78M | -$93.44M | -$71.59M | -$129.31M | -$170.44M | -$132.94M | -$83.98M | -$43.52M | -$11.13M | -$591 | -$9K | -$9K |
| Acquisitions | $0 | -$3.16M | $546K | -$85.77M | $60.13M | -$70.74M | -$82.43M | -$27.25M | -$29.65M | $0 | $0 | $0 |
| Purchases of Investments | $0 | -$674K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $8.08M | $0 | $10.55M | $29.57M | $1.06M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$6.02M | -$131K | -$4.84M | -$6.64M | $1.46M | -$4.89M | -$42.37M | -$56.64M | -$19M | $0 | $0 | $0 |
| Net Cash from Investing | -$71.8M | -$89.32M | -$75.89M | -$211.17M | -$79.29M | -$207.52M | -$208.79M | -$127.42M | -$59.78M | -$591 | -$9K | -$9K |
| Financing Activities | ||||||||||||
| Debt Repaid | $25.32M | $31.94M | $43.7M | -$59.5M | -$128.81M | -$193M | $3.18M | -$73.97M | -$1.62M | - | - | - |
| Common Stock Issuance | $260K | $149K | $11.76M | $503K | $238.45M | $29.02M | $2.39M | $383.75M | $20.66M | $0 | $243K | $88K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | -$904K | -$2.53M | -$1M | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$49.72M | -$19.84M | -$40.55M | -$19.86M | -$5.34M | $13.89M | $20.18M | -$63.24M | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$74.78M | -$51.63M | -$72.49M | $40.14M | $361.93M | $235.91M | $18.48M | $391.95M | $21.28M | $0 | $243K | $88K |
| Forex Effect | $464K | $2.01M | -$20K | -$9.36M | $513K | -$10.17M | $5.21M | $12.53M | $67.45M | $4K | -$9K | $0 |
| Net Change in Cash | -$5.77M | $15.81M | -$71.75M | -$135.82M | $225.38M | $31.23M | -$224.31M | $245.64M | $20.95M | -$103K | $71K | $54K |
| Supplementary Data | ||||||||||||
| Operating Cash Flow | $140.35M | $154.76M | $76.64M | $44.56M | -$57.77M | $13.01M | -$39.21M | -$31.41M | -$7.99M | -$107K | -$154K | -$25K |
| Capital Expenditure | -$64.55M | -$88.68M | -$66.65M | -$129.31M | -$170.44M | -$132.94M | -$83.98M | -$43.29M | -$10.97M | $4 | -$4 | $0 |
| Free Cash Flow | $75.8M | $66.08M | $9.99M | -$84.74M | -$228.21M | -$119.94M | -$123.2M | -$74.71M | -$18.97M | -$107K | -$154K | -$25K |
| Cash at Beginning | $107.16M | $91.35M | $163.1M | $298.92M | $73.54M | $42.31M | $266.62M | $20.98M | $22K | $125K | $54K | $0 |
| Cash at End | $101.39M | $107.16M | $91.35M | $163.1M | $298.92M | $73.54M | $42.31M | $266.62M | $20.98M | $22K | $125K | $54K |