Curaleaf Earnings: Few Surprises but Still Well-Positioned for Many Tailwinds; Shares Undervalued

Curaleaf (CURLF) steady Q1: rev -2% seq (seasonality), 23% adj EBITDA margin. Guides mid-single digit FY rev growth, mid-20s% margins. $13 FVE. Most attractive MSO: benefits from US reschedule (unlike Canadian LPs), growing EU medical sales ($100M+ in 2023), potential 280E relief, and ongoing state legalization. No moat: gov licenses limit competition but also tax/squeeze profits along with illicit mkt price cap. Very high uncertainty: reg risks but sound balance sheet & appropriate capex. New CEO Darin brings experience.

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