Curaleaf

What Curaleaf does

Curaleaf Holdings, Inc. is a publicly traded, vertically integrated cannabis operator (CSE: CURA; OTC: CURLF; TSX listed) headquartered in Stamford, Connecticut, with corporate origins tracing to 2010. The company operates the largest U.S. multi-state cannabis retail footprint among MSOs, running 162–165 company-operated and branded dispensaries across 14+ U.S. states — including 73 in Florida alone — alongside vertically integrated cultivation (indoor, outdoor and greenhouse, anchored by Los Sueños Farms, Colorado's largest outdoor grow), EU-GMP and GDP certified processing, and pharmaceutical-grade manufacturing. It sells directly to medical patients and adult-use consumers, distributes wholesale to independent dispensaries under owned brands (Select, Grassroots, Find, Anthem, Reef, Dark Heart, Higher Stitch, Jams, Endless Coast Seltzer), and operates internationally via Four 20 Pharma (Germany, EU-GMP/GDP licensed), Curaleaf Laboratories (UK — including the first UK-licensed manufacturer of medical cannabis suppositories and pessaries), Can4Med (Poland), and Australian/NZ distribution partnerships.

The platform combines low-cost outdoor and indoor cultivation with branded retail and proprietary product technology — most notably Select Briq 2 (a vape with Flavor Protection Technology and Meter Mode Intelligence, launched March 2026) and a water-based THCA extraction process achieving >90% THC clarity (recognized in the 2025 CannaTech Innovation Awards). Distribution reaches U.S. consumers via retail, state-specific e-commerce subdomains subject to shipping restrictions, B2B wholesale, and branded dispensary partnerships with licensed operators (e.g., RC Retail in Ohio). International medical cannabis distribution covers Germany, the UK, Poland, Australia and New Zealand; Q1 2026 international revenue of $47.2M (+35% YoY) reflects accelerating non-U.S. growth.

The revenue model combines direct-to-consumer dispensary sales (transaction-based, unit-priced), wholesale/B2B distribution to third-party dispensaries, and international medical cannabis distribution (managed-services style via EU-GMP supply chain). FY2025 revenue of $1.27B produced $275M adjusted EBITDA (22% margin); Q1 2026 produced $70.1M net income (vs. a $61.1M prior-year loss) following federal rescheduling of medical marijuana from Schedule I to Schedule III in April 2026, which the company estimates unlocks ~$116M in annual Section 280E tax relief. The June 2026 shareholder-approved reincorporation from British Columbia to Delaware, paired with a 1-for-3 reverse stock split, is positioned to support a potential U.S. exchange uplisting.

Name

Curaleaf

Legal name

Curaleaf Holdings, Inc.

Website

https://curaleaf.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Curaleaf is a publicly traded, vertically integrated cannabis operator running 165 dispensaries across 14+ U.S. states and EU-GMP certified international medical distribution across Germany, the UK, Poland, Australia, and New Zealand, selling its own brands (Select, Grassroots, Reef) to medical patients, adult-use consumers, and wholesale buyers.

Ownership category

akta.pro rank

Product category

Cannabis Products

NAICS

Beer, Wine, and Liquor Retailers (445320)

akta.pro primary industry

Medical Cannabis Dispensaries (CRANAFAB)

akta.pro secondary industries

Adult-Use (Recreational) Cannabis Delivery & Online Ordering (CRANAGAH), Cannabis Online Ordering for Dispensary Pickup (Click-and-Collect) (CRANAGAC)

Keywords

• Medical cannabis products
• Cannabis retail dispensaries
• Cannabis cultivation processing
• Pharmaceutical-grade cannabis
• Cannabis wholesale distribution

Headquarters

HQ city

Stamford

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Retail dispensary sales: Direct-to-consumer cannabis product sales through 162–165 company-operated or branded dispensaries across 14+ U.S. states. Includes both medical marijuana and adult-use sales where legal, with separate regulatory tracking per state.
2. Wholesale / B2B cannabis distribution: Wholesale distribution of cannabis flower, vapes, and processed products to third-party dispensaries and B2B customers, including branded products (Reef, Grassroots, Anthem, Select, Find, Dark Heart).
3. International medical cannabis distribution: Distribution of EU-GMP certified medical cannabis and pharmaceutical-grade products in Germany (Four 20 Pharma), UK (Curaleaf Labs), Poland (Can4Med), Australia, and New Zealand. International Q4 2025 revenue of $51M (65% YoY growth).
4. Cannabis cultivation and processing: Low-cost cultivation including outdoor grows (Los Sueños Farms — Colorado's largest outdoor cannabis farm), indoor grows, and processing for both company retail and wholesale channels.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Curaleaf is a vertically integrated cannabis operator that cultivates, processes, manufactures, and sells medical and adult-use cannabis products. It operates company-owned retail dispensaries across 14+ U.S. states and distributes EU-GMP certified medical cannabis in Europe (Germany, UK, Poland), Canada, and Australasia, supported by a portfolio of proprietary consumer brands (Select, Grassroots, Find, Anthem, Reef, Dark Heart, Jams, Higher Stitch, Endless Coast, Zero Proof).

Differentiator

Problem solved

Functional benefit

Brands

• Select: Cannabis vape and concentrate brand; products include Select BRIQ vapes and the Select Briq 2 launched March 2026.
• Anthem
• Grassroots
• Find
• Reef
• Higher Stitch
• The Hemp Company
• Curaleaf Laboratories
• Zero Proof
• Dark Heart

Products and services

• Select cannabis vape and concentrate products

Quantifiable outcome

• Adjusted gross margin expanded to 49% in Q4 2025
• +5 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature4 records

Partnerships

16 partnerships are on record, tiered flagship — corporate restructuring, minor — event sponsorship, flagship — board of directors appointment, flagship — fully integrated subsidiary; cornerstone of european medical cannabis strategy, minor — partnership in restricted jurisdiction, core — uk influencer marketing agency of record, minor — sponsorship partner, major — $110m expansion deal, core — uk distribution partnership, core — strategic international expansion acquistion, core — polish market entry vehicle, minor — $20m retail acquisition, core — major u.s. retail acquisition ($211m), minor — $13m acquisition, major — $286m acquisition and major — $67m cultivation acquisition.

• Shareholders (Delaware reincorporation)flagship — corporate restructuringOthers · 22 June 2026Curaleaf's 2026 annual and special shareholders meeting approved a plan of arrangement to reincorporate the company from British Columbia, Canada to Delaware, USA by 99.93% of votes cast, alongside other governance items. Expected to file articles amendment June 23, 2026.
• Avicanna (clinical symposium)minor — event sponsorshipGTM or Marketing Partner · 12 June 2026Curaleaf sponsored Avicanna's sixth annual clinical symposium at the Mars Discovery District in Toronto, featuring academic and clinical sessions on cannabinoid research covering chronic pain, epilepsy, women's health, and brain injury.
• Torsten Greif (Four 20 Pharma co-founder)flagship — board of directors appointmentStrategic or Co-development Partner · 1 May 2026Torsten Greif, co-founder of Four 20 Pharma GmbH, was appointed to Curaleaf's Board of Directors in May 2026, bringing deep expertise in cannabis cultivation, regulatory strategy, and brand development to strengthen Curaleaf's European leadership team.
• Four 20 Pharma GmbH (Germany)flagship — fully integrated subsidiary; cornerstone of european medical cannabis strategyStrategic or Co-development Partner · 30 April 2026Curaleaf completed the buyout of the remaining 45% stake in Four 20 Pharma in April 2026, gaining full ownership. Originally acquired 55% stake in 2022 for €19.7M. Four 20 Pharma is a fully EU-GMP and GDP licensed German medical cannabis producer/distributor based in Paderborn with 110 employees. Co-founder Torsten Greif was appointed to Curaleaf's Board of Directors in May 2026.
• RC Retail (Ohio)minor — partnership in restricted jurisdictionChannel Partner/ Reseller/ Distributor · 31 March 2026Curaleaf-branded dispensary in Lorain, Ohio is operated by RC Retail, with Curaleaf providing support services while retaining future ownership rights subject to regulatory approval. Marks Curaleaf's 5th Ohio and 164th nationwide retail location.
• NewGen (creative agency)core — uk influencer marketing agency of recordGTM or Marketing Partner · 15 January 2026NewGen was named agency of record for Curaleaf to lead its influencer marketing program for 2026, following a two-stage pitch process lasting four weeks. Partnership focuses on raising awareness of medical cannabis for treatment-resistant conditions and reducing associated stigma in the UK.
• Zig-Zag and Monster Energy (Art of Hip Hop exhibition sponsors)minor — sponsorship partnerGTM or Marketing Partner · 3 December 2025Curaleaf was a sponsor alongside Zig-Zag and Monster Energy of the 'Heroes, Villains, and Violence' exhibition at The Art of Hip Hop space in Miami during Art Week, December 3-5, 2025.
• The Cannabist Company (Virginia assets)major — $110m expansion dealChannel Partner/ Reseller/ Distributor · 2 December 2025Curaleaf signed binding agreement to acquire The Cannabist Company's Virginia assets (cultivation facility and five dispensaries) for $110 million. Initially terminated in December 2025 due to valuation concerns ($130M competing bid plus $30M lease liability); later acquired the remaining Virginia assets of Cannabist for an undisclosed price.
• Australian Natural Therapeutics Group (ANTG)core — uk distribution partnershipStrategic or Co-development Partner · 12 November 2025Curaleaf Laboratories partnered with ANTG to manufacture and distribute ANTG's medicinal cannabis products across the UK. Combines Curaleaf's UK manufacturing and distribution network with ANTG's pharmaceutical-grade cannabis formulations. First ANTG products manufactured under the partnership became available on prescription in November 2025.
• Northern Green Canada (NGC)core — strategic international expansion acquistionStrategic or Co-development Partner · 22 April 2024Curaleaf completed the acquisition of NGC (a Canadian licensed producer with EU-GMP certification) for approximately $16 million including earnout in April 2024. NGC enhances Curaleaf's supply of EU-GMP certified cannabis for European, Australian, and New Zealand markets — Germany, the UK, Poland, Australia, and New Zealand.
• Can4Med (Poland)core — polish market entry vehicleChannel Partner/ Reseller/ Distributor · 6 February 2024Curaleaf International acquired Can4Med, a pharmaceutical wholesaler specializing in cannabinoid medications in Poland. The acquisition positions Curaleaf in Poland's expanding medical cannabis market, with rapidly growing patient population.
• Deseret Wellness (Utah)minor — $20m retail acquisitionChannel Partner/ Reseller/ Distributor · 10 April 2023Curaleaf completed acquisition of Deseret Wellness, Utah's largest cannabis retail operator, in a deal valued at approximately $20 million. Increased Curaleaf's Utah retail footprint and expanded overall nationwide presence.
• Bloom Dispensaries (Arizona)core — major u.s. retail acquisition ($211m)Channel Partner/ Reseller/ Distributor · 19 January 2022Curaleaf acquired Bloom Dispensaries in an all-cash transaction valued at approximately $211 million. Expanded Curaleaf's Arizona dispensary presence to 13 locations and overall U.S. dispensary count to 121 locations nationwide. Bloom's strong financial profile was immediately accretive to Curaleaf's EBITDA margins.
• Natural Remedy Patient Center (Arizona)minor — $13m acquisitionChannel Partner/ Reseller/ Distributor · 23 December 2021Curaleaf agreed to acquire Natural Remedy Patient Center in Arizona for $13 million, expanding Curaleaf's Arizona dispensary footprint with plans to relocate to a flagship Scottsdale location in mid-2022.
• Tryke Companies (Reef Dispensaries)major — $286m acquisitionChannel Partner/ Reseller/ Distributor · 8 November 2021Curaleaf agreed to acquire Tryke Companies for approximately $286 million in cash and shares, strengthening market position in Nevada, Arizona, and Utah. Tryke operated six Reef dispensaries across Arizona and Nevada.
• Los Sueños Farms (Colorado)major — $67m cultivation acquisitionStrategic or Co-development Partner · 17 May 2021Curaleaf acquired Los Sueños Farms, Colorado's largest outdoor cannabis farm, for $67 million in cash, stock, and debt assumption. Includes three outdoor grow facilities, an indoor grow, and two retail dispensaries. Supports low-cost supply chain and interstate commerce preparation.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Trulieve Cannabis: Direct multi-state operator (MSO) peer. Trulieve is the other top U.S. MSO by retail footprint and is explicitly mentioned alongside Curaleaf in BNN Bloomberg's Hot Pick list and the 2026 Cannabis AI Visibility Index, where Curaleaf and Trulieve together captured ~17.5% of AI citations.
• Verano Holdings: Direct U.S. MSO peer identified alongside Curaleaf in Canaccord/BNN Bloomberg's Hot Picks amid rescheduling momentum. Operates a comparable vertically integrated retail and cultivation model across multiple states.
• Green Thumb Industries: U.S. MSO peer operating a vertically integrated retail and cultivation platform across multiple states. Closely comparable business model and footprint strategy to Curaleaf.
• Cresco Labs: U.S. MSO peer with comparable multi-state retail and wholesale operations and a focus on branded products. Direct competitor in the wholesale channel where Curaleaf sells Select, Grassroots, and other brands.
• Tilray Brands: Major cannabis operator with both U.S. MSO operations and significant international (Canadian, European, Australian) footprint, making it a direct peer on both U.S. retail and international medical cannabis distribution — Curaleaf's stated growth pillars.
• The Cannabist Company: U.S. MSO peer. Curaleaf signed then terminated a $110M binding agreement to acquire Cannabist's Virginia assets in December 2025 after a competing bid, establishing Cannabist as a comparable U.S. retail and cultivation operator.

Broad incumbents

• Aurora Cannabis: Canadian licensed producer with significant European medical cannabis presence through Aurora Deutschland. Comparable to Curaleaf's NGC and Four 20 Pharma infrastructure as a competitor in the EU-GMP medical cannabis supply chain.
• Canopy Growth: Broad incumbent with both Canadian recreational operations and European medical cannabis business. Comparable as a global cannabis operator with established international distribution competing for European patient share.

Emerging players

• OrganiGram Holdings: Canadian licensed producer expanding into European medical cannabis markets. Comparable as a competitor for EU-GMP certified supply into Germany and UK, though smaller scale than Curaleaf's NGC/Four 20 Pharma platform.

Regional players

• Schwazze: U.S. vertically integrated cannabis operator primarily concentrated in Colorado and New Mexico with a growing multi-state footprint. Comparable vertically integrated model and overlap in Colorado retail/cultivation with Curaleaf's Los Sueños Farms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/curaleaf_inc
• Facebookfacebook.com/CuraleafInc
• LinkedInlinkedin.com/company/curaleaf

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds14 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Curaleaf