Curaleaf losses reach $1 billion over five years, with $216 million lost in 2024

Connecticut-based Curaleaf Holdings Inc. (TSX: CURA) (OTCQX: CURLF) on Monday reported a $216 million net loss from continuing operations for 2024, including a $71.8 million net loss in the fourth quarter alone, despite posting full-year revenue of $1.34 billion, which was down slightly from 2023.

In the final three months of 2024, Curaleaf posted $331.1 million in net revenue, a year-over-year decrease of 4% from $345.3 million. That included $235.6 million in domestic retail revenue, another $64.3 million in domestic wholesale revenue, and another $30.7 million in international cannabis revenue.

But full-year revenue dipped by $3.8 million, according to a press release. The company also reported $163.3 million in operating cash flows from continuing operations and free cash flow of $70.1 million for 2024.

The results from last year compound years of red ink for Curaleaf, which is commonly acknowledged as the biggest marijuana company in the country. In 2023, Curaleaf lost $281.2 million, in 2022 it lost $376.9 million, in 2021 it lost $109.1 million, and in 2020 it lost $56.7 million for a grand five-year total of $1 billion lost.

As of Monday afternoon, Curaleaf’s full quarterly financial filing was not yet available through Canadian securities regulators.

“Over the past two quarters, my primary objective has been to amplify our strengths, address key challenges and stabilize the business,” CEO Boris Jordan said in a press release. “Having successfully achieved this, we are now forging ahead with our ‘Return to our roots’ initiative – an ambitious strategy centered on driving organic growth, optimizing margins and cash flow, and reducing debt.”

During the most recent quarter, Curaleaf pushed forward with more expansion, opening two more dispensaries in Florida, bringing its footprint in the state to 66 cannabis shops and to 151 nationally. Curaleaf also entered the German cannabis market, rebranded a trio of Nevada dispensaries and inked a new $40 million loan.

Already in 2025, Curaleaf has launched a new intoxicating hemp-based beverage line via alcohol chain Total Wine and launched a new cannabis brand in Florida called Reef.

As of Dec. 31, Curaleaf had $2.94 billion in total assets, including $107.2 million in cash, against $568.6 million in outstanding debts and $1.95 billion in total liabilities.