The cannabis industry just wrapped one of the busiest earnings weeks of the quarter, with more than ten companies reporting financials—including Curaleaf, GTI, Trulieve, Verano, Cronos Group and IIPR. The results revealed a widening gulf between U.S. plant-touching operators and asset-light or international players, sparking mixed reactions across capital markets. Meanwhile, headlines from Washington, Missouri and Colorado added new regulatory wrinkles, and companies like Rove and Swade made strategic expansion moves.
Here's everything you need to know.
Earnings Season: Winners, Losers And The Market Divide
Trulieve Beats Expectations on Revenue and EPS
Trulieve (OTCQX:TCNNF) reported $297.8 million in Q1 revenue and an adjusted loss of 2 cents per share, beating analyst expectations. The company posted strong gross margins (62%) and generated $51 million in operating cash flow, ending the quarter with $329 million in cash. It also expanded its retail footprint to 229 dispensaries. Read more on Benzinga
Curaleaf Posts $310 Million Revenue, Focuses on Global Growth
Curaleaf (TSX:CURA) (OTCQX:CURLF) reported Q1 revenue of $310 million, a 9% YoY drop. The company posted a $54.8 million net loss but highlighted 74% YoY international growth and continued rollout of new brands like Select FormulaX and Anthem. It ended the quarter with $122 million in cash and $65 million in adjusted EBITDA.
Cronos Group Reports Profit, Margin Expansion
Cronos Group (NASDAQ:CRON) (TSX:CRON) posted $32.3 million in Q1 revenue, a 28% YoY increase, and net income of $7.7 million. Gross margins jumped to 43%, driven by flower sales in Israel and extracts in Canada. The company also authorized a $50 million share repurchase program. Read more on Benzinga
Green Thumb Industries Holds Revenue, Margins Slip
Green Thumb Industries (OTCQX:GTBIF) reported flat Q1 revenue of $248 million. Gross margin fell to 48%, and net income landed at $10 million. Adjusted EBITDA was $75 million. The company ended the quarter with $136 million in cash and operates 91 dispensaries. Read more on Benzinga
Verano Sees Revenue Dip, Margin Pressure
Verano Holdings (Cboe CA: VRNO) (OTCQX:VRNOF) reported $209.8 million in revenue, down 5% YoY. The company posted a net loss of $11.5 million and a 47% gross margin. Cash on hand totaled $84 million. Read more on Benzinga
The Cannabist Contracts Revenue, Continues Restructuring
The Cannabist Company (Cboe CA: CBST) (OTCQX:CBSTF) reported $87.4 million in revenue and a net loss of $32.2 million. The company exited several markets, improved adjusted gross margin to 35.7%, and is prioritizing liquidity. Read more on Benzinga
MariMed Stays Flat, Margin Compression Continues
MariMed (OTCQX:MRMD) generated $38 million in revenue and a net loss of $5.4 million. Gross margin narrowed to 40%, and adjusted EBITDA declined to $2.6 million. The company expanded Betty's Eddies into 70 new storefronts. Read more on Benzinga
IIPR Delivers Consistent REIT Results
Innovative Industrial Properties (NYSE:IIPR) posted $75.5 million in revenue and $40.7 million in net income. The REIT collected 97% of contractual rent and maintained a strong portfolio across 19 states. Read more on Benzinga
Jushi Cuts Losses, Expands in Ohio and New Jersey
Jushi Holdings (CSE:JUSH) (OTCQX:JUSHF) posted a $17 million loss on $63.8 million in revenue. The company opened new dispensaries in Ohio and launched the Flower Foundry brand. Adjusted EBITDA rose 23% sequentially to $9.8 million.
TerrAscend Grows Revenue, Tightens Focus on Core Markets
TerrAscend (TSX:TSND) (OTCQX:TSNDF) posted $71 million in Q1 revenue, up 16% YoY, and a net loss of $12.3 million. The company continues expanding in Maryland and New Jersey while focusing on operational efficiency. Gross margin improved to 50.6%, and adjusted EBITDA came in at $10.4 million.
GrowGeneration Revenue Drops, Outlook Withdrawn
GrowGeneration (NASDAQ:GRWG) reported Q1 revenue of $35.7 million, down 8% YoY, and a net loss of $9.8 million. The hydroponics retailer cited retail headwinds and tariff impacts, retracting its full-year 2025 guidance. Gross margin held at 27.3%, and the company closed the quarter with $64.7 million in cash.
NewLake Capital Posts Strong Profit, Steady Portfolio
NewLake Capital Partners (OTCQX:NLCP), a cannabis-focused REIT, reported $13.2 million in revenue and net income of $6.5 million. The company collected 100% of rent due and declared a $0.40 per share quarterly dividend. Its portfolio remains diversified across cultivation and retail assets in key legal markets.
Kass Warns Most Cannabis Stocks Are ‘Walking Dead'
Investor Doug Kass said most public cannabis stocks are uninvestable due to debt loads and oversupply. He singled out Trulieve, TerrAscend, GTI and Glass House as the few worth watching. Read more on TheStreet
Regulation & Politics
DEA Nominee Promises to Prioritize Cannabis Rescheduling Review
Terrance Cole, President Trump's nominee to lead the DEA, told the Senate Judiciary Committee that reviewing the marijuana rescheduling process will be a priority, though he didn't endorse the current proposal. Read more on MJBizDaily
Colorado Approves Regulatory Relief Bill
HB25-1209 passed both legislative chambers in Colorado. The bill aims to streamline cannabis regulations and reduce unnecessary burdens on operators. Gov. Jared Polis is expected to sign it.
Pennsylvania Considers State-Run Cannabis Sales
Pennsylvania lawmakers introduced a proposal to legalize adult-use cannabis via state-run liquor stores. While unlikely to pass in its current form, the bill signals growing momentum for legalization in the state.
Florida Tightens Ballot Rules, Threatening Future Cannabis Campaigns
Governor Ron DeSantis signed a controversial new law that makes it harder for citizen-led initiatives to reach the ballot. The measure imposes a $1 million bond requirement, restricts out-of-state petitioners, and introduces felony penalties for noncompliant circulators. Critics say it could block future efforts to legalize adult-use cannabis, including the 2026 campaign supported by Trulieve and other major operators. A federal lawsuit has already been filed challenging its constitutionality.
Brand Moves & Market Expansion And Science
Rove Launches in Washington, Now in 14 States
Rove, the fourth-largest cannabis brand by 4/20 revenue per Headset, entered the Washington market with its Diamond Vapes. The brand is now sold in 14 states, including New Jersey, New York and Ohio.
Swade Expands to Kansas City Through BesaMe Deal
Swade Cannabis, part of BeLeaf Medical, expanded its Missouri footprint to 11 dispensaries by acquiring five BesaMe Wellness locations in the Kansas City area. Its SINSE Cannabis brand is now in 90% of Missouri dispensaries.
Science & Substitution
A new NIH-funded study found that consuming cannabis before drinking significantly reduced alcohol consumption and cravings among heavy drinkers. The research, conducted in a controlled lab setting, adds to growing evidence that cannabis may act as a harm-reduction substitute for alcohol—a trend also supported by industry data and shifting consumer behavior.
Recommended Reads
- They Turned Fruit Bouquets Into A $500 Million-A-Year Business—Now They’re Selling THC. Here’s Why
Behind the launch of Edibles.com and how Edible Arrangements’ parent company is entering the cannabis space. - The Broccoli Hack: How Mexican Creators Bypassed TikTok’s Rules To Teach Millions About Cannabis
A look into how content creators in Mexico use codewords and creativity to navigate censorship. - From Cannabis YouTuber To Spotify Star: Dope As Yola Says ‘Word Of Mouth Beats Ads’
Thomas Araujo's journey from underground content to mainstream media. - YouTube Star Babish Talks Cannabis: ‘If Alcohol Blurs The Hard Edges, Weed Rounds Them… It’s Not A Fixer—It’s An Augmenter’
Andrew Rea opens up about his cannabis use and how it fits into his creative life. - P-Funk Legend George Clinton And Wiz Khalifa Bring The Funk To Weed: Here's What That Means
George Clinton reflects on his new cannabis brand, music legacy, and fighting the war on drugs. - This One Decision Could Cost America Up To $10 Billion A Year, According To Experts
Why the U.S. is missing out on global cannabis exports—and how the clock is ticking.
Final Word
This earnings season underscored a sobering reality: U.S. operators continue to wrestle with margin pressure, capital constraints and regulatory inertia, while international and non-plant-touching models show relative resilience. As political momentum builds around rescheduling and state-level reforms, operators are increasingly being tested on efficiency, adaptability and access to fresh capital. The divide between winners and laggards is only getting sharper.