Curaleaf is a vertically integrated cannabis company that cultivates, processes, and sells cannabis products primarily through its own retail dispensaries. In the U.S., Curaleaf operates 159 dispensaries across 15 states, selling flower, pre-rolls, vapes, edibles, and other formats to both medical patients and adult-use consumers. Curaleaf also sells wholesale to third-party dispensaries and distributors. Internationally, Curaleaf operates as a medical cannabis wholesaler, supplying licensed pharmacies and clinics across Europe and Australasia, with Germany and the U.K. as its primary markets and cultivation infrastructure based in Portugal. Domestic operations represent roughly 86% of revenue, with retail the dominant channel. By controlling cultivation, processing, and retail, Curaleaf captures margin across the supply chain. Gross margin is heavily influenced by cultivation efficiency, flower potency, and the share of vertically integrated sales. The biggest margin headwind is sustained price compression across U.S. cannabis markets, driven by competition from illicit operators and hemp-derived THC products that benefit from federal legality and lower costs. A structural challenge unique to U.S. cannabis is Section 280E of the federal tax code, which disallows standard business expense deductions, significantly increasing Curaleaf's effective tax rate. Curaleaf's growth strategy focuses on expanding in limited-license U.S. states, scaling international medical cannabis operations into new European markets, and investing in branded product platforms like its Anthem pre-roll line and ACE vape oil.