Green Thumb, Trulieve On The Rise In Q1, Curaleaf And Verano Post Declines
May 13, 2025Across the U.S., the cannabis industry is facing headwinds, with leading multistate operators like Curaleaf, Trulieve, Green Thumb, and Verano seeing declining revenue or gains in the low single digits in the first quarter of this year. In recent months, industry observers like Whitney Economics have warned of an industry-wide contraction, fueled by overproduction, falling prices, and the sluggish pace of federal legalization. Despite the challenging conditions, the industry’s leading companies are attempting to drive new gains by reaching more customers and debuting new products.
Connecticut-based Curaleaf reported net revenue of $310 million for the first quarter, a 9% drop year-over-year from $339 million last year. Sequentially, net revenue was down more modestly, dropping 6% from Q4 2024’s $331 million. Adjusted EBITDA was at $65 million, a decline year-over-year, although gross profit reached $155.2 million with gross margin at 50%, representing an increase according to the company. “We’ve completed much of the heavy lifting needed to reposition the business for long-term success, including streamlining operations, improving key manufacturing metrics, and sharpening our focus on flower quality,” said chairman and CEO Boris Jordan.
The first quarter saw Curaleaf launch the Reef flower brand in Florida and considerably expand its presence in the hemp-derived THC market. Curaleaf’s hemp-derived Select label is now available in more than 100 Total Wine locations across the U.S. and has expanded into THC-infused energy drinks. Curaleaf ended the quarter with 149 U.S. retail locations, in addition to its hemp-derived business sold DTC and in beverage alcohol and convenience channels.
For Florida’s Trulieve, first quarter revenue was “up slightly” to $298 million and adjusted EBITDA showed a 3% gain to $109 million. Trulieve added six new dispensaries in Q1 in Arizona, Florida, and Ohio and made a push into the hemp-derived space with Onward, now available in select Florida retailers and through the brand’s website. Since the end of the quarter, Trulieve has opened another location in Florida, bringing the brand’s footprint to 229 U.S. outposts. Trulieve CEO Kim Rivers cited strong margins and cash flow in the first quarter, adding that the company has developed a loyal customer base for its branded products.
Chicago’s Green Thumb Industries saw revenues increase 1.4% to $280 million with adjusted EBITDA at $85 million, down from $91 million in Q1 2024. Retail revenues for Green Thumb were down 2.5%, which the company attributes to price compression in established markets like Pennsylvania, New Jersey, and Connecticut. Those declines were partially offset by robust performance in Ohio and New York. Gross revenue for the company’s consumer packaged goods was up 13.6% year-over-year, due to growth in Minnesota, New York, and New Jersey.
“During the first quarter, we opened two new stores, including RISE Whitehall, which serves the greater Columbus, Ohio area and further cements our presence in one of the fastest growing markets in the country,” said president Anthony Georgiadis. “While we anticipate ongoing near-term headwinds from pricing compression, increased competition, and consumer softness, we are confident in our team’s ability to navigate these challenges.”
Verano, also based in Chicago, faced stiffer headwinds in Q1, with revenues down 5% year-over-year and 4% sequentially to $210 million. Adjusted EBITDA was also down to $54 million from $67 million the year prior. The revenue declines, according to the company, were driven by increased promotional expenses and price compression. Ohio, Florida, Virginia, and Arizona outperformed the company’s other markets. Verano also opened its 80th dispensary in Florida and its sixth location in Connecticut. On the new product front, Verano launched new vapes and pre-rolls under the popular Savvy brand.—Shane English
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