💸 The Tape

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international cannabis consumer products company, today reported preliminary unaudited financial results for the fourth quarter ended December 31, 2025 (“Q4 2025”), prepared in accordance with U.S. GAAP and reported in U.S. dollars.

In conjunction with the preliminary results, Curaleaf announced two strategic actions: the discontinuation of its hemp division and the exit from the Missouri market. The hemp business decision follows federal legislation enacted in November 2025 that significantly reduced permissible THC thresholds in hemp-derived products, materially limiting the commercial viability of the segment. Missouri was exited after management determined the Company’s sub-scale footprint in the state did not justify continued capital deployment. Together, these discontinued operations generated approximately $2 million in combined revenue during the third and fourth quarters of 2025.

Excluding these discontinued businesses, Q4 2025 net revenue is expected to be at least $330 million, representing approximately 4% sequential growth from Q3 2025 net revenue of $317.8 million and exceeding prior guidance of low single-digit growth. On a year-over-year basis, Q4 net revenue is expected to increase approximately 1% compared to Q4 2024 revenue of $327.8 million.

Adjusted gross margin for the fourth quarter, excluding discontinued operations, is expected to be approximately 48.5%, consistent with the comparable margin reported in Q4 2024. For the full year 2025, adjusted gross margin is expected to be approximately 50%, reflecting continued operating discipline and product mix optimization.

“Our preliminary fourth quarter results underscore the effectiveness of our Return to Our Roots strategy, delivering solid revenue growth alongside sustained, industry-leading margins,” said Boris Jordan, Chairman and Chief Executive Officer of Curaleaf. “We made the deliberate decision to wind down our hemp business in response to new federal regulations and to exit Missouri, where scale constraints limited long-term returns. With these actions completed, we enter 2026 with a more focused portfolio, a stronger operating foundation, and renewed momentum.”

Jordan added that Curaleaf remains focused on balance sheet strength and liquidity management, including the ongoing refinancing of its senior secured notes due December 2026, guided by a comprehensive capital allocation strategy.

The Company expects to release its full financial and operating results for Q4 and full-year 2025 in early March, followed by an earnings conference call and webcast at 5:00 p.m. ET.

📈 Dog Walkers

$GLASF ( ▲ 0.95% ) Accelerates

Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing vertically integrated cannabis operators in the United States, announced an acceleration of its 2026 expansion plans, driven by improving operating performance, successful recent development milestones, and the expectation of meaningful regulatory reform that could unlock new domestic and international opportunities.

By the end of 2025, Glass House had returned its existing greenhouse portfolio to full production capacity, following a deliberate operational pullback earlier in the year. The Company also completed construction of the first phase of Greenhouse 2, now its fourth operational greenhouse at the SoCal Farm campus. As a result, Glass House closed the year with the largest planted acreage in its history. Initial production from Greenhouse 2 will begin contributing to financial results in the first quarter of 2026.

Originally scheduled for completion later in 2026, the Company has accelerated the remaining buildout of Greenhouse 2, with full planting now targeted for the second quarter of 2026. Once fully operational, Greenhouse 2 is expected to add approximately 300,000 pounds of incremental annual biomass production capacity.

In parallel, Glass House has commenced a lighting retrofit and buildout of Greenhouse 4, positioning the facility to support international CBD and hemp markets. The Company is also preparing to participate in the anticipated reimbursable CBD market, expected to emerge under President Trump’s December executive order directing cannabis rescheduling.

“We are extremely proud of the progress our team has made over the past six months,” said Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House. “The successful ramp back to full production and the early results from Greenhouse 2 give us confidence to fully step back on the gas pedal. We see a strong growth trajectory ahead in 2026 and beyond.”

Kazan added that Glass House is actively planning for regulatory-driven opportunities tied to federal rescheduling and CBD reimbursement initiatives. “We are closely monitoring the final execution of the President’s executive order by Attorney General Pam Bondi. Schedule III classification, under this administration, could open near-term export opportunities to Europe and other international markets, where wholesale biomass pricing is meaningfully higher than what we see in California.”

Management also emphasized the Company’s strategic positioning within the evolving U.S. CBD market. Glass House currently cultivates CBD and low-THC genetics in California that it believes can be adapted to comply with emerging federal standards. In addition, the Company continues to advance medicinal cannabinoid development through its ongoing hemp research partnership with the University of California, Berkeley.

“Between our scale cultivation platform, compliant genetics, and research partnerships, we believe Glass House is uniquely qualified to serve as a leading supplier to future pharmaceutical and consumer packaged goods markets,” Kazan concluded.

$ACB ( ▼ 2.13% ) Goes Green

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced it has been granted Community Plant Variety Rights (CPVR) by the European Union’s Community Plant Variety Office for two of its proprietary cannabis cultivars—another meaningful step in strengthening the Company’s global intellectual property portfolio.

The protected varieties—SOT20R07-007 (Farm Gas™) and ACB21T044 (Sourdough™)—were bred in Canada through Aurora’s advanced genetics and phenotyping programs. CPVR status provides Aurora with exclusive commercial rights across all 27 EU member states, safeguarding these cultivars while enabling consistent supply into regulated European medical markets.

Farm Gas™ and Sourdough™ are already proven performers, recognized for high potency, reliable yields, and desirable aroma and structure, attributes that resonate with both medical patients and adult-use consumers. They currently serve as core products in Aurora’s international medical portfolio, available in Germany, Poland, the United Kingdom, Canada, and Australia.

“Being granted Community Plant Variety Rights in the EU validates the depth of innovation at our Aurora Coast R&D facility,” said Lana Culley, Vice President of Innovation and International Operations. “This protection allows us to continue delivering consistent, high-quality genetics to patients worldwide while defending our long-term investments in science.”

CPVR protection gives Aurora control over the commercial production and sale of these cultivars throughout the EU, reinforcing genetics as a defensible, monetizable asset rather than a commodity. As European medical cannabis markets mature, consistency, regulatory compliance, and intellectual property protection are increasingly decisive advantages.

Aurora’s expanding genetics platform supports its leadership position in global medical cannabis and strengthens its competitive footing in Europe—where quality, reliability, and repeatability increasingly matter more than novelty.

🗞️ The News

📺 YouTube

What Schedule III Could Really Trigger Across Cannabis

What we will cover:

✅ Coming up at 4 PM Eastern, Trade to Black presented by Flowhub, returns with hosts Shadd Dales and Anthony Varrell for a timely conversation focused on where U.S. cannabis policy, capital markets, and regulatory expectations stand right now. Joining the show is Marc Cohodes, veteran investor, former hedge fund manager, and longtime participant in the cannabis sector.

It has now been more than a month since President Trump signed the executive order directing cannabis rescheduling, yet the industry is still waiting on formal action from Attorney General Pam Bondi. Marc breaks down what that delay could signal, how policymakers in Washington are viewing the timeline, and whether the lack of movement itself is creating unintended consequences across the market.

The discussion also looks at how Big Pharma and Big Alcohol are positioning themselves as the possibility of Schedule III becomes more concrete, and what that could mean for operators, competition, and long-term market structure. Marc shares his perspective on whether uplisting becomes more realistic post-rescheduling, how lawmakers are thinking about FINRA, and whether changes to federal classification could reduce the importance of SAFER Banking as a near-term catalyst.