Cannabis industry heavyweights Curaleaf Holdings, Inc. (OTC:CURLF) and Trulieve Cannabis Corp. (OTC:TCNNF) are set to release their second-quarter 2024 financial results in early August. With both companies showing promising growth and strategic expansions in Q1, investors and industry analysts are keenly awaiting the upcoming reports.

Curaleaf Holding Q1 2024 Recap

Curaleaf reported a Q1 2024 revenue of $339 million, marking a 2% increase year-over-year. The company's adjusted gross margin improved to 48%, reflecting effective cost management and operational efficiencies. Despite these gains, Curaleaf posted a net loss of $48.3 million, underscoring the significant investments and expansion costs that affect short-term profitability. CEO Matt Darin emphasized the company's global ambitions, citing legislative changes in key markets such as New York, Germany, and various U.S. states as critical growth catalysts.

Key developments in Q1 included the launch of innovative products like the Stir by Zero Proof THC beverage in Illinois and the Stiq vape product in Arizona. Additionally, the acquisition of Northern Green Canada (NGC) marked a strategic move to enhance Curaleaf's market presence. The company ended the quarter with $105 million in cash and generated $46 million in operating cash flow and $33 million in free cash flow.

Curaleaf's Q2 2024 Earnings Date

Curaleaf will announce its Q2 2024 results on August 7, 2024, after market close. A conference call and webcast will follow at 5:00 p.m. ET, where management will discuss operational and financial highlights. With the company's ongoing transformation from a multi-state operator (MSO) to a multi-country operator (MCO), expectations are high for continued progress in global markets.

Trulieve Cannabis Corp. Q1 2024 Recap

Trulieve reported Q1 2024 revenue of $298 million, a 4% increase both sequentially and year-over-year, with 96% of revenue derived from retail sales. CEO Kim Rivers highlighted the company's robust performance and bright outlook, driven by significant improvements in production and retail operations. Notably, Rivers shared the stage with The Bellamy Brothers at the Benzinga Cannabis Capital Conference, underscoring Trulieve's active role in the advocacy for recreational cannabis legalization in Florida.

Read Also: Cannabis In Florida: The Bellamy Brothers Tell Trulieve CEO 'We Rolled A Fat One' When Legalization Initiative Landed On November Ballot

The company's financial highlights for Q1 included a gross profit of $174 million, up 16% year-over-year, and a gross margin of 58%. Operating expenses decreased to $128 million, resulting in a net loss of $23 million, which represents a substantial year-over-year reduction. Trulieve's adjusted EBITDA was positive at $106 million, supported by strong cash flow from operations amounting to $139 million and free cash flow of $124 million.

Trulieve's Q2 2024 Earnings Date

Trulieve will release its Q2 2024 results on August 6, 2024, with a conference call scheduled for 8:30 AM ET. CEO Kim Rivers and CFO Wes Getman will review the financial and operating results, providing insights into the company's strategic initiatives and market expansion efforts.

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