Should You Buy or Sell CURLF Stock Amid Renewed Legalization Hopes?

Core Insights - Curaleaf Holdings' stock has increased over 200% in the last three months, primarily due to support from the Trump administration regarding marijuana rescheduling [1][9] - The stock's performance has raised questions among investors about whether to buy, hold, or sell [2] Financial Performance - Curaleaf's total revenues in Q2 2025 declined by 8% year over year to $314.5 million, with a 62% increase in international sales, which still represent a small portion of overall revenues [4] - The adjusted gross margin improved to 49%, up 160 basis points year over year, but the adjusted EBITDA margin fell by 40 basis points to about 21% [5] Business Strategy - The company is focusing on expanding its international business, recently obtaining a license to operate in Turkey, and is also growing its domestic presence by opening new retail locations [6] - Curaleaf is targeting high-margin products, such as hemp-based beverages, to enhance margin growth and achieve profitability [6] Competitive Landscape - Curaleaf operates in a highly competitive market, facing challenges from peers like Aurora Cannabis, Canopy Growth, and Tilray Brands, all of which are also pursuing international expansion and cost optimization [7] - Competitive responses from these companies may limit Curaleaf's ability to maintain significant market share gains [7] Stock Performance and Market Sentiment - Curaleaf's stock has more than doubled in value this year, contrasting with a 7% rise in the industry [8] - The recent stock rally is seen as driven more by optimism regarding federal reform rather than improvements in the company's fundamentals [12]