💸 The Tape

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ended 2025 on a note of quiet confidence, reporting full-year revenue of $1.27 billion and signaling a pivot from stabilization to acceleration under its “Built for Growth” strategy.

Chairman and CEO Boris Jordan captured the year’s arc: “We closed 2025 with clear momentum, delivering fourth-quarter revenue of $333 million. Revenue increased 5% sequentially and 2% year over year, bolstered by a broad-based return to growth in nearly all of our domestic markets despite a persistently challenging pricing environment. Our international team closed out an impressive year with $51 million in fourth quarter revenue representing 10% sequential growth and 65% year over year revenue growth.”

Adjusted gross margin expanded to 49% in Q4 (up 20 basis points year-over-year) as cultivation productivity gains offset price compression. Adjusted EBITDA reached $69 million (20.7% margin), while full-year adjusted EBITDA landed at $275 million (21.7% margin). Operating cash flow from continuing operations totaled $152 million for the year, with free cash flow at $89 million. The company ended December with $102 million in cash.

The financials reflect a business that has weathered three consecutive years of double-digit price compression without sacrificing discipline. Jordan credited the “Return to Our Roots” plan — a multi-quarter initiative focused on cultivation economics, merchandising rigor, brand innovation, and execution — for resetting the foundation. With that phase complete and a landmark $500 million non-dilutive debt offering closed post-quarter, Curaleaf is shifting gears.

“We have reset the foundation of our business, and are transitioning from stabilization to acceleration with our Built for Growth strategy,” Jordan said. “By leveraging the platform we have strengthened—improved cultivation economics, tighter merchandising discipline, brand-led innovation, and enhanced execution—we are positioned to drive sustainable organic growth augmented by opportunistic acquisitions.”

Fourth-quarter net revenue of $333.1 million rose 2% year-over-year and 5% sequentially. Domestic revenue held firm at $282.4 million, while international surged to $50.7 million (up 65% year-over-year and 10% sequentially). Gross profit reached $161.8 million (49% margin), with adjusted gross profit at $161.9 million (also 49%). Net loss from continuing operations was $49.3 million ($0.06 per share), with adjusted net loss at $39.5 million ($0.05 per share). Operating cash flow was $42 million and free cash flow $25 million for the quarter.

Full-year highlights included international revenue jumping 63% to $172.5 million, driven by medical exports and new market entries. Domestic retail revenue declined modestly to $868.7 million amid pricing pressure, but wholesale and management fees remained stable. Gross margin held at 50% ($631 million GAAP gross profit), adjusted EBITDA margin at 21.7%, and net loss from continuing operations narrowed to $201.9 million ($0.26 per share) from deeper losses in prior periods.

Operationally, Curaleaf expanded its retail footprint to 159 dispensaries by year-end (now 161 following post-quarter openings in Florida and Maine). Key launches included Anthem Bold infused pre-rolls, six new premium Dark Heart flower genetics, and the QMID — the first medically certified liquid inhalation device — in the UK and Germany. Brand performance remained strong: Curaleaf’s portfolio captured #1 market share overall, while Select held the top U.S. vape position per Hoodie Analytics.

The $500 million 11.5% senior secured notes due 2029, closed post-quarter, fully repaid the December 2026 notes and extended the maturity of the Amended Needham LOC to February 2029 (with interest rising from 7.99% to 8.99%). The transaction underscores institutional confidence in Curaleaf’s trajectory and provides long-term capital flexibility without equity dilution.

Capital expenditures for the year totaled $63.4 million, focused on facility upgrades, automation, and selective retail growth. Weighted average shares outstanding were 762 million for the year.

As rescheduling discussions progress federally and international medical markets continue to expand, Curaleaf’s diversified footprint — 161 dispensaries, robust cultivation and processing capacity, and leading brands — positions it to capture share in both domestic adult-use and global medical channels. The debt reset removes a major overhang, while the international segment’s 63% growth demonstrates the value of diversification beyond the U.S. price wars.

For investors, 2025 was less about explosive top-line gains and more about strategic fortification: margin resilience, cash generation, brand strength, and a cleaner balance sheet. With “Built for Growth” now in motion, Curaleaf appears ready to shift from survival mode to offense — a transition that could define the next chapter for one of the sector’s most enduring operators.

📈 Dog Walkers

$TCNNF ( ▲ 1.56% ) Is Ready For Primetime

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) closed out 2025 with a performance that blended resilience and repositioning, delivering record cash generation while navigating persistent market headwinds.

For the full year, revenue held steady at $1.2 billion — essentially flat with 2024 — with 94% coming from retail sales across 233 dispensaries (now 234 following a recent Fort Myers opening). Gross margin remained robust at 60%, producing $711 million in GAAP gross profit. The company generated a record $273 million in cash flow from operations and $229 million in free cash flow, ending the year with $256 million in cash.

Adjusted EBITDA reached an all-time high of $427 million (36% margin), up 2% from the prior year, while GAAP net loss attributable to common shareholders narrowed to $116 million from $155 million. Adjusted net loss came in at $27 million, excluding non-recurring items, impairments, disposals, and discontinued operations.

CEO Kim Rivers highlighted the year’s strategic advances: “We finished the year strong, winning a conditional license in Texas and repositioning our debt. With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives.”

Debt management was a clear priority. Trulieve redeemed $368 million of senior secured notes due 2026, repaid a $15.8 million mortgage, and closed a $140 million private placement of senior secured notes due 2030 (with a second $60 million tranche completed recently). The moves extend maturities and improve financial flexibility.

Operationally, the company added 11 dispensaries in 2025 and grew its rewards program to 915,000 members. In Q4, a new Florida mobile app launched, allowing patients to browse, reserve products, view promotions, and track rewards — a seamless digital upgrade aimed at deepening loyalty in the state that remains Trulieve’s largest market.

Fourth-quarter revenue came in at $293 million (down 3% year-over-year but up 2% sequentially), with 93% from retail. Gross margin held at 60% ($175 million profit), adjusted EBITDA reached $105 million (36% margin), and free cash flow was $56 million. Net loss attributable to common shareholders was $43 million, with adjusted net loss at $3 million.

The conditional Dispensing Organization license in Texas under the Compassionate Use Program stands out as a major near-term catalyst. With over four million square feet of cultivation and processing capacity nationwide, Trulieve is positioned to scale quickly if — and when — broader access opens in the Lone Star State.

Looking forward, Rivers emphasized a disciplined focus: expanding patient access, growing the loyalty base, strengthening branded products, and pursuing high-return growth opportunities. With rescheduling discussions advancing federally, Trulieve’s retail density, operational scale, and cash position provide a solid foundation to capitalize on potential tailwinds.

In a year that tested the industry’s endurance, Trulieve delivered where it mattered most — cash flow, margin stability, and strategic optionality. The Texas license win and debt repositioning add meaningful upside, while the loyalty program and digital enhancements signal a sharper focus on the customer experience that drives repeat business.

For investors, the story remains one of patience rewarded: a top-tier operator with nationwide reach, a fortress balance sheet relative to peers, and catalysts on the horizon. As 2026 unfolds, Trulieve appears ready to convert momentum into measurable market-share gains.

$ATAI ( ▼ 14.06% ) Announces Positive Top Line Data

In a field where new pharmacological options for social anxiety disorder (SAD) have been scarce for over two decades, AtaiBeckley Inc. (NASDAQ: ATAI) just posted encouraging early proof-of-concept data that could mark the beginning of a meaningful shift.

The company announced topline results from its exploratory, double-blind, placebo-controlled Phase 2a trial (NCT06693609) evaluating EMP-01 — oral R-MDMA — in 71 adults with moderate-to-severe SAD. The multi-center study, conducted across seven UK sites, randomized participants to two in-clinic doses of 225 mg EMP-01 or placebo, administered 28 days apart, with no adjunctive psychotherapy. Seventy participants received at least one dose, and 69 completed the Day 43 assessments — a testament to strong tolerability and retention in a severely affected population (baseline LSAS ~108/144).

EMP-01 met its primary objective of safety and tolerability. No serious adverse events or treatment-emergent suicidal behavior/intent were observed; most AEs were mild or moderate and self-resolving.

On efficacy, the compound showed clinically meaningful separation from placebo. The placebo-adjusted least squares mean reduction on the Liebowitz Social Anxiety Scale (LSAS) at Day 43 was 11.85 points (Hedges’ g = 0.45; p = 0.036, one-tailed) — a moderate effect size consistent with meaningful improvement after just two doses. LSAS total change was –28.53 points for EMP-01 versus –16.67 for placebo, with parallel gains across both Fear (–13.7 vs. –8.1 points) and Avoidance (–15.1 vs. –8.5 points) subscales. Notably, avoidance behaviors — which typically improve slowly and often require prolonged exposure — showed robust early progress without psychotherapy.

The Clinician Global Impression–Improvement (CGI-I) scale reinforced the signal: 49% of EMP-01 patients were rated “very much improved” or “much improved” versus 15% on placebo, yielding a Number Needed to Treat (NNT) of 2.95 (95% CI: 1.84–7.42) — a compelling level of global clinical benefit.

Professor Murray Stein (UCSD), a consultant to the company, called the findings “remarkable,” noting SAD’s chronic, disabling nature and the lack of recent therapeutic advances. Dr. David Feifel (Kadima Neuropsychiatry Institute) highlighted the post-dosing durability of LSAS improvements, suggesting a sustained biological effect that could differentiate EMP-01 from daily SSRIs/SNRIs.

CEO Srinivas Rao emphasized execution: rapid enrollment of a severe population, strong adherence to in-clinic dosing, and exceptional retention delivered a clean, robust dataset. “We are very grateful to the patients…and to the investigators and site teams whose high-quality trial execution made these insights possible.”

More detailed analyses are forthcoming at scientific venues and will inform next steps. A conference call is scheduled for 8:00 a.m. ET today, February 26, 2026.

For a disorder affecting millions with limited innovation, these topline signals — safety, tolerability, and clinically meaningful efficacy after intermittent dosing — offer a hopeful glimpse of what R-MDMA could become.

🗞️ The News

📺 YouTube

This Earnings Season Feels Different in Cannabis | TTB Powered by Flowhub

What we will cover:

✅ This earnings season feels different in cannabis.

In the latest TDR Trade To Black podcast presented by Flowhub, host Shadd Dales quickly recaps new earnings from Trulieve (OTCQX: TCNNF) and Curaleaf (TSX: CURA) before sitting down with Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP) for a conversation about what’s really changing across the sector.

Major MSOs — including Green Thumb Industries (CSE: GTII / OTCQX: GTBIF), Trulieve (OTCQX: TCNNF), Curaleaf (TSX: CURA) and Cresco Labs (OTCQX: CRLBF) — have spent the last month strengthening their balance sheets, refinancing debt, and lowering their cost of capital. With potential 280E reform tied to federal rescheduling still looming, operators appear to be positioning for a post-tax-burden world.

Cannabis rescheduling appears to be around the corner.