💸 The Tape

Curaleaf has released its Q3 2025 results, and the message from management is clear: the “Return to Our Roots” plan is more than a slogan—it’s a multi-front recalibration designed to steady the ship at home while accelerating abroad. Think of it as corporate yoga: core strengthening, controlled breathing, and perhaps a little stretching into new markets.

The company reported $320 million in Q3 revenue, up 2% sequentially, though still down slightly from the same quarter last year when Curaleaf rang up $330.5 million. While price compression continues to nag the U.S. cannabis sector like a persistent backseat driver, the company’s international segment is delivering the scenery worth looking at, growing 12% sequentially and 56% year-over-year. Europe, it seems, likes its cannabis measured, medical, and well-branded.

Curaleaf posted a 50% gross margin, up over 100 basis points both sequentially and year-over-year—a respectable feat given the market’s stubborn obsession with racing to the bottom on price. Adjusted EBITDA came in at $69 million, representing a 22% margin, though management notes that expansion into international and hemp operations shaved about 200 basis points off what margins otherwise would have been. Expansion doesn’t come free—and it certainly doesn’t come cheap.

The company did report a net loss of $54.5 million, but in cannabis accounting, net income is often like spotting a unicorn: magical when it appears, but generally not expected to show up for work. More importantly for investors tracking sustainability: Curaleaf generated $53 million in operating cash flow and $37 million in free cash flow, while also paying down $28 million in debt during the quarter. The balance sheet ended the period with $107 million in cash and a $100 million upsized revolving credit facility—a strategic move to give the company some flexibility and perhaps avoid calling its lenders at 2 a.m. sounding nervous.

Operationally, Curaleaf continued its disciplined retail expansion, adding new dispensaries in Ohio, Florida, and Maine and ending the quarter with 158 stores nationwide. Meanwhile, in Europe, Curaleaf is going full “first mover advantage,” acquiring full ownership of Curaleaf International and launching QMID, the first medically certified liquid inhalation device in the UK and Germany. Translation: they want to own the European medical cannabis lane before everyone else remembers Europe exists.

So where does that leave Curaleaf today?
A company still carrying meaningful debt, still pushing for margin improvement, but increasingly benefiting from smart operational resets and a bold international growth strategy.

The U.S. market may be turbulent, but Curaleaf is leaning into its identity: part disciplined operator, part global expansionist. The roots are being tended. The branches are reaching abroad. And for now, the tree still stands tall. 🌿

Earnings PR

📈 Dog Walkers

$NLCP ( ▲ 0.78% ) Posts Strong Q3

NewLake Capital Partners (OTCQX: NLCP) delivered Q3 2025 results that signal a continued steady hand in an industry that remains anything but. Revenue held at $12.6 million year-over-year—flat, yes, but in cannabis real estate right now, flat is the new flex. Net income came in at $6.7 million, up slightly from last year, while FFO and AFFO rose 3.8% and 2.4%, respectively. Incremental, but importantly, positive.

The real story here is balance sheet discipline. The company reported $106 million in total liquidity, only 1.6% debt to total gross assets, and no debt maturities until May 2027—which, in this sector, is roughly equivalent to having a sunroof during a monsoon. The quarterly dividend remains $0.43 per share (annualized at $1.72), representing an AFFO payout ratio of 82%, suggesting management continues to strike a thoughtful balance between shareholder return and long-term positioning.

There are, however, some cracks that require monitoring. AYR Wellness and Revolutionary Clinics both encountered financial distress, leading to missed rent and property vacancies. NewLake responded by applying over $500K in security deposits and has begun actively marketing impacted properties. This is standard REIT crisis management playbook behavior—but still a reminder that cannabis tenant credit quality remains a live issue.

Meanwhile, the company quietly executed $1.7 million in new acquisitions, including properties leased to Cresco Labs and Curaleaf, demonstrating ongoing selectivity rather than empire-building for empire’s sake.

In short: NewLake remains one of the cannabis REITs actually behaving like a REIT—conservative leverage, real cash flow, steady dividends. In this environment, this wins.

$MRMD ( ▼ 12.53% ) Shows Momentum In Wholesale Segment

What’s Going On Here: MariMed Inc. (CSE/OTCQX: MRMD) reported Q3 2025 results that showcase steady operational execution and continued brand expansion, even as the P&L shows the realities of scaling in a competitive market. Revenue landed at $40.8 million, essentially flat year-over-year, while GAAP gross margin came in at 40%. The company reported a GAAP net loss of $2.9 million, but on a non-GAAP basis, the loss narrowed to $1.5 million. Meanwhile, Adjusted EBITDA increased to $5.1 million, representing a 13% margin, up from 12% in Q3 2024—small improvements, but heading in the right direction.

Management emphasized momentum in wholesale, with sequential revenue growth across both retail and wholesale channels. Wholesale strength in Massachusetts and Illinois, plus the launch of adult-use sales in Delaware, contributed to the lift. On the cost side, MariMed continues to show operational discipline—improving profitability even as new competition pressured performance in Metropolis, Illinois.

Strategically, the “Expand the Brand” playbook is very much alive. During the quarter, MariMed expanded Betty’s Eddies™ into Maine and entered a managed services + licensing agreement in Pennsylvania, unlocking a route into what many expect to be the next major adult-use market. Post-quarter, the company signed a licensing deal in New York and also exited the Missouri market following a strategic review. And looking ahead, MariMed is stepping into the hemp-derived THC arena, planning to launch a Vibations™ THC drink mix in Rhode Island in early 2026.

In short: consistent operational execution, cautious expansion, and an eye on brand scalability—just don’t expect fireworks on the GAAP income line quite yet.

🗞️ The News

📺 YouTube

Cannabis Earnings Week: Verano, LEEF & Jushi CEOs Break Down Q3 Results | TTB Powered by Dutchie

What we will cover:

✅ Earnings week is here — and some of the biggest names in cannabis are putting their numbers on the table. The question everyone’s watching: how did they hold up in Q3 2025?

TDR Trade To Black Podcast, presented by Dutchie, features host Shadd Dales and Anthony Varrell sitting down with three major cannabis CEOs to talk results, operations, and what’s driving performance across their businesses.

🔹 George Archos, CEO of Verano Holdings Corp. (CBOE: VRNO) — reported $203M in revenue, stable margins, and positive cash flow, along with a $43.8M net loss. He walks through the company’s financials and plans for Virginia’s adult-use market.

🔹 Micah Anderson, CEO of LEEF Brands Inc. (CSE: LEEF) — shared 24% revenue growth and positive EBITDA for the first time, with updates on expansion in California and New York.

🔹 Jim Cacioppo, CEO of Jushi Holdings Inc. (CSE: JUSH / OTCQX: JUSHF) — discussed $65.7M in revenue, a 41-store footprint, and what Virginia’s new governor could mean for Jushi’s retail plans.