Curaleaf Opens Spain Foothold and Florida Store in Dual Expansion Push

Spain Entry Marks First Continental Europe Retail Play

Curaleaf signed a distribution agreement with Spanish medical cannabis operator Khiron Life Sciences to supply product into Spain's nascent prescription market. The deal grants Curaleaf shelf space in Khiron's network of 12 pharmacies licensed to dispense medical cannabis under Spain's 2023 pilot program. Curaleaf will supply flower and extract SKUs sourced from its Portugal cultivation facility, which came online in Q1 2026.

Spain's medical program currently serves roughly 8,000 registered patients—a fraction of Germany's 300,000-patient base. But the market's growing. Prescriptions rose 140% year-over-year in Q2 2026, according to Spain's Agency for Medicines and Health Products. Curaleaf's betting that early positioning pays off as the program scales.

The company already operates 23 Curaleaf-branded dispensaries in the U.K. under that country's private prescription model. Spain is the first continental European market where Curaleaf will compete at retail, albeit indirectly through a wholesale arrangement.

Florida Store Count Hits 171 as Ocala Location Opens

Curaleaf opened a 2,400-square-foot dispensary in Ocala, Florida on July 20, 2026, its fourth location in Marion County. The store stocks the company's full Florida menu: Select vape cartridges, Curaleaf-branded flower, and a private-label edibles line launched in April. Florida remains Curaleaf's largest state operation by revenue, contributing $287 million in Q1 2026 sales, or 31% of total U.S. revenue.

Ocala brings the U.S. footprint to 171 dispensaries across 18 states. Florida accounts for 58 of those locations. Since January 2026, the company's opened 11 new Florida stores, clustering around Tampa, Jacksonville, and the I-4 corridor.

Investor Thesis Hinges on International Margin Upside

Curaleaf's international revenue grew 22% year-over-year in Q1 2026 to $64 million, with EBITDA margins of 28%—double the 14% margin on U.S. operations. The Spain entry and Portugal cultivation ramp are designed to feed that higher-margin channel. Management expects international revenue to reach $350 million in 2026, up from $240 million in 2025.

The Florida expansion, by contrast, is a volume play in a saturated market. Florida's average wholesale flower price dropped to $875 per pound in June 2026, down 18% from $1,065 a year earlier, according to state Department of Agriculture data. Curaleaf's betting on retail density and brand recognition to offset pricing pressure.

Execution Risk on Two Fronts

The dual expansion exposes Curaleaf to regulatory volatility in Spain and commoditization risk in Florida. Spain's medical program is still governed by a temporary framework; permanent regulations aren't expected until Q4 2026. If Spain tightens import rules or caps foreign operators, Curaleaf's Portugal-to-Spain supply chain could face tariffs or volume restrictions.

In Florida, the company's adding retail square footage into a market where same-store sales growth has stalled. Curaleaf's Florida same-store sales were flat in Q1 2026 compared to Q1 2025, even as the company opened 11 new locations. That suggests cannibalization. Or market saturation.

What to Watch

Spain's permanent medical cannabis regulations are due in October 2026. If the framework favors EU-based suppliers or imposes country-of-origin labeling, Curaleaf's Portugal facility gains a structural advantage over Canadian and Israeli exporters. In Florida, watch for Q3 2026 same-store sales trends and whether the new Ocala location hits the company's $1.8 million average annual revenue per Florida store.

For full background on this story, see the CannIntel topic hub on Curaleaf International Expansion.