Curaleaf Earnings, and Ohio’s $107 M April Sales Record
The cannabis industry took another step toward federal rescheduling this week as the Smart Approaches to Marijuana (SAM) organization filed a formal petition — the first move in a legal challenge to the rescheduling process. Hosts Shadd Dales and Anthony Varrell of the Trade to Black podcast, presented by Flowhub, breaks down the latest. We dive into Curaleaf’s latest earnings, and discuss whether Ohio’s $107 million dollar cannabis boom might be a preview of what hemp restrictions will do in other state markets with Hirsh Jain.
Curaleaf posted quarterly earnings showing net revenue of $324.2 million, a 6% year-over-year increase, with a gross profit margin of 49% and adjusted EBITDA of $63.4 million. Meanwhile, Ohio’s cannabis market hit $107 million in April 2026, which is both a new monthly record and a 26% year-over-year jump.
Hirsh Jain of Ananda Strategy, joined the show live from MJ Unpacked in Atlantic City. He attributed the surge to several converging factors including a surge in pre-roll sales, expanded store count now approaching 210 locations, and critically, the state’s late-March ban on intoxicating hemp products. On a per-day basis, sales rose roughly 9% from March to April immediately following the hemp ban.
In New Jersey, the market has underperformed its potential due to limited retail density, concentrated store locations, high consumer prices, and an unchecked hemp market. The eventual launch of Pennsylvania’s adult-use market could further erode New Jersey sales, just as proximity to Massachusetts has long suppressed Connecticut’s numbers. But is it possible that hemp restrictions might help turn this around?
And lastly, a quick update on federal rollout. It’s been about a week since the DEA started accepting registration applications from state-licensed medical cannabis operators, and already more than 400 companies have gone through the system. That tells you operators are taking this seriously — and moving quickly. A lot happening right now — and this episode connects the dots.
