Industry Overview - Cannabis stocks have experienced significant growth, with Curaleaf's stock rising nearly 90% year-to-date, making it the top performer among tracked pot stocks [1] - The market is optimistic about potential federal legalization of marijuana in the U.S., which could transform the $80 billion market [4] Recent Developments - President Trump's recent comments on marijuana reclassification have intensified the rally, with the AdvisorShares Pure US Cannabis ETF climbing 28% in its best day since 2022 [2] - The administration is considering moving marijuana from Schedule I to Schedule III status, which would reduce tax burdens on cannabis companies and facilitate institutional investment [3] Company Performance - Curaleaf reported mixed second-quarter results, with revenue of $315 million, down 8% year-over-year due to domestic price pressures [5] - The international division of Curaleaf grew by 17% sequentially and 62% year-over-year, driven by demand in Germany and the UK [5] - Curaleaf operates in 17 U.S. states and 15 countries, with international revenue expected to become a top contributor by year-end [6] Market Dynamics - The increase in patient numbers in Germany from 150,000 to 1.2 million within a year highlights the growth potential in international markets [6] - Domestic pricing challenges are attributed to unregulated hemp products rather than competition within the legal cannabis sector [7]