Curaleaf Holdings and Green Thumb Industries are two cannabis stocks worth comparing in October 2026: both reported year-over-year revenue growth and positive GAAP net income in Q2 2026. Curaleaf grew revenue faster and reported a higher gross margin; Green Thumb ended the quarter with more cash and reported positive operating cash flow. Those results make them candidates for further research, not proven buys: current share prices, valuation, capital structure and investor expectations are essential to judging whether either stock is attractive.
What makes these two stocks candidates—not automatic buys
The case for looking at Curaleaf and Green Thumb is based on reported operating results, not a verified October valuation. Their second-quarter results show growth and positive GAAP earnings, but the companies have different strengths and risks. Neither those results nor the comparison establishes that either stock is undervalued or likely to outperform.
The figures below are in U.S. dollars and come from the companies’ Q2 2026 releases. Curaleaf’s net income figure is specifically from continuing operations. Green Thumb’s release reports its net income as GAAP net income. Their adjusted EBITDA and normalized EBITDA figures are company-defined, non-GAAP measures with different definitions and adjustments.
How Curaleaf and Green Thumb compare
| Q2 2026 measure | Curaleaf Holdings | Green Thumb Industries | What the comparison shows |
|---|---|---|---|
| Revenue | $340.1 million; up 10% year over year, according to Curaleaf’s 2026 Q2 release. | $306.7 million; up 4.6% year over year, according to Green Thumb’s 2026 Q2 release. | Curaleaf reported faster year-over-year growth in the quarter; this alone does not establish future growth. |
| GAAP net income | $12.5 million from continuing operations, according to Curaleaf’s 2026 Q2 release. | $4.9 million, according to Green Thumb’s 2026 Q2 release. | Both reported positive GAAP net income, but Curaleaf’s figure is explicitly for continuing operations. |
| Gross margin | 50%, according to Curaleaf’s 2026 Q2 release. | 45.0%, down from 49.9% a year earlier, according to Green Thumb’s 2026 Q2 release. | Curaleaf reported the higher margin. Differences in business and accounting mix mean this is not a stand-alone measure of investment quality. |
| Cash at quarter end | $107.0 million, according to Curaleaf’s 2026 Q2 release. | $283.6 million, according to Green Thumb’s 2026 Q2 release. | Green Thumb reported the larger cash balance; the figures alone do not show either company’s full debt or capital structure. |
| Company-defined adjusted profitability measure | Adjusted EBITDA of $70.1 million, according to Curaleaf’s 2026 Q2 release. | Normalized EBITDA of $84.3 million, according to Green Thumb’s 2026 Q2 release. | These are non-GAAP measures with company-specific definitions and adjustments, so they are not directly interchangeable or equivalent to cash flow. |
| Operating cash flow | Not stated in the cited Curaleaf Q2 2026 release figures. | $29.0 million generated from operations, according to Green Thumb’s 2026 Q2 release. | Green Thumb reported positive operating cash flow; this comparison does not establish Curaleaf’s operating cash flow. |
Curaleaf: faster reported growth, with execution and market risks
Curaleaf Holdings (TSX: CURA; OTCQX: CURLF) reported Q2 2026 revenue of $340.1 million, a 10% increase year over year, and a 50% gross margin. It also reported $12.5 million in GAAP net income from continuing operations and $107.0 million in cash at quarter end. Its adjusted EBITDA was $70.1 million; Curaleaf cautions in its release that adjusted EBITDA and related ratios are non-GAAP and are not standardized under U.S. GAAP.
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The results provide evidence of growth and positive earnings for that quarter, but not a forecast. Curaleaf’s Q2 2026 filing identifies risks that include regulatory oversight and legislative change, share-price volatility, limited liquidity for U.S. investors, leverage and debt management, competition, agricultural operations and forecasting uncertainty. These are among the risks it names, not an exhaustive list.
Green Thumb: more quarter-end cash, but margin pressure
Green Thumb Industries (CSE: GTII; OTCQX: GTBIF) reported Q2 2026 revenue of $306.7 million, up 4.6% year over year, and GAAP net income of $4.9 million. It ended the quarter with $283.6 million in cash, reported $29.0 million of cash generated from operations, and recorded normalized EBITDA of $84.3 million. Normalized EBITDA is a company-defined non-GAAP measure, not a substitute for operating cash flow.
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Green Thumb’s Q2 2026 gross margin fell to 45.0% from 49.9% a year earlier. The company attributed the decline principally to licensing fees and price compression and also cited increased competition. Its Q2 filing describes operations across 14 U.S. markets as of June 30, 2026; operating across those markets does not mean the company has unrestricted national commerce.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before deciding whether either stock is a buy
Operating performance is only one part of an equity investment. Before buying, an aggressive investor should check current market data and consider:
- Price and valuation: Compare the current share price with relevant financial measures and the company’s growth prospects. The Q2 results above do not establish that either stock is cheap.
- Capital structure and dilution: Review debt, financing needs and share-count changes. Quarter-end cash by itself does not show how much cash is available after obligations or whether shareholders may be diluted.
- Cash generation: Examine cash flow over more than one reporting period. Do not treat adjusted EBITDA or normalized EBITDA as cash flow, and review each company’s definition and reconciliation before comparing those measures.
- Operating trends: Track whether revenue growth persists and whether margins stabilize, improve or deteriorate. For Green Thumb, the reported year-over-year gross-margin decline is a specific issue to monitor.
- Risks and expectations: Read current company filings and account for regulatory, competitive and market risks. A good quarter may already be reflected in the share price, depending on investor expectations.
No October 3, 2026 share price, valuation multiple, analyst-consensus figure or price target is established here. Without those inputs, there is no basis to say either company is undervalued or to name a price target. The two companies are operating candidates for comparison, not a complete ranking of cannabis stocks. Tilray had a Q1 FY2027 results event scheduled for October 8, 2026; an article updated after that date should account for its release before making a broader peer comparison.
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