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Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), a global leader in cannabis consumer products, released its financial and operational results for the fourth quarter and full year of 2024, ending December 31. Reporting in U.S. dollars under GAAP, the company showcased resilience and a clear path forward despite a challenging market.

For Q4 2024, Curaleaf posted net revenue of $331.1 million, a slight sequential uptick from Q3 but a 4% decline from $345.3 million in Q4 2023. Gross profit reached $157.4 million, with a gross margin of 48%, up 230 basis points year-over-year. Adjusted gross profit was $158.7 million, maintaining a 48% margin. Adjusted EBITDA stood at $75.8 million, or 23% of revenue, while the company ended the quarter with $107.2 million in cash. Despite a net loss of $71.8 million ($0.10 per share), adjusted net income from continuing operations was $12.4 million ($0.02 per share). Full-year revenue held steady at $1.34 billion, with international revenue surging 73% to $105.6 million, driven by strong growth in markets like Ohio, New York, and Europe.

Chairman and CEO Boris Jordan highlighted the company’s stabilization efforts over the past two quarters, emphasizing the “Return to our ROOTS” initiative. This strategy prioritizes organic growth, margin optimization, cash flow enhancement, and debt reduction. “We’ve amplified our strengths and addressed key challenges,” Jordan said. “With a sharp focus, Curaleaf is poised to expand its leadership position in 2025.” The company generated $163.3 million in operating cash flow and $70.1 million in free cash flow for the year, underscoring its financial discipline.

Operationally, Q4 saw Curaleaf expand its U.S. footprint with two new Florida dispensaries in Port St. Lucie and Miami, bringing its U.S. retail total to 151. Internationally, the company introduced its Curaleaf and Find flower brands in Germany, while rebranding three Nevada stores. A standout achievement was securing a $40 million revolving credit facility at a competitive 7.99% interest rate from a major regional bank, maturing in December 2026—a rare feat for a cannabis firm.

Post-quarter, Curaleaf’s Hemp Company launched hemp-derived THC seltzers in Total Wine across nine states, introduced a 2.5mg Select Zero Proof seltzer, and debuted the Reef flower brand in Florida. With innovation and international expansion at its core, Curaleaf is well-positioned to capitalize on emerging opportunities in the evolving cannabis landscape.

📈 Dog Walkers.

Glasshouse Lands A Major Deal

What’s Going On Here: Glass House Brands Inc., a leading U.S. cannabis company, secured a $50 million senior-secured credit facility with an 8.58% fixed interest rate, maturing in 2030. The refinancing strengthens the company's balance sheet, improves cash flow, and replaces a previous loan from WhiteHawk Capital Partners. Proceeds will repay $41 million of the prior loan and support working capital.

Why Should You Care: These are industry leading terms at a time where capital is scarce across the entire sector. The fact that Glass House was able to land this with such favorability towards the company is a testament to the strength of the business on a go forward basis.

Ohio In Flux

Whats Going On: Ohio Senate President Rob McColley is defending Senate Bill 56, which tweaks the voter-approved marijuana law, against a tide of critics crying foul. On his podcast, he swears it won’t ruin your dispensary buzz—only the kid-friendly packaging gets a downgrade. Still, the bill slashes homegrown plants from 12 to 6, caps THC potency, and adds penalties, sparking a fiery debate about voter will and pot potency. Critics say it’s a buzzkill; McColley calls it safety first.

Why You Should Care: The people of Ohio deserve what the people of Ohio voted for. We vote on things in this country for a reason.

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Lessons the US Medical Marijuana Industry Can Learn from Germany | Trade to Black

What we will cover:

✅ On our latest episode of the Trade to Black Podcast, host Shadd Dales and cohost Anthony Varrell will recap some of the latest earnings reports from last week involving major cannabis companies, including Green Thumb Industries, Trulieve, and Verano Holdings.

We'll touch on the reasons why the top MSO's in the cannabis industry make up over 70% allocation of AdvisorShares ETF MSOS

Plus, Jamie Pearson, former CEO of edibles brand BANG and a leader in Germany's cannabis market will explain the differences between the US and German medical cannabis markets. She'll outline Germany's tax-free model, and the impact of U.S. marijuana rescheduling changes.

Also, Michael Bronstein, President of the American Trade Association for Cannabis and Hemp joins us once again for our weekly "Insider Edge" feature. He'll cover recent developments in adult-use cannabis, whether negotiations have begun in the State Senate with Governor Josh Shapiro, and the rise of hemp products at the state level.