Does curing affect potency2?

Curing can seemingly affect potency because often the first time the buds feel "dry", they really aren't. Once they start to cure and sweat, you will see how much moisture is left.

Curing is mostly for aroma and taste, but the first week after "drying" will still have some effect on the potency as the bud fully dries.

If the above is not reason enough, here is a more scientific explanation:

Drying bud converts crude acidic THC from its nonactive form into a neutral pH psychoactive substance. Each THC molecule has to lose it's moisture content in order to become fully psychoactive.

[Editor's note: Starkes suggests up to 95% of the cannabinoids will remain carboxylized in dried and cured plant matter]

When the water exits the bud, the THC becomes slightly different in molecular structure. As Fatima mentioned , heating can make THC readily active by immedietly vaporizing the bud's moisture content away. However, as Fatima also mentioned, aging is important too.

First the bud is "dried", but can still contain some moisture within. By using the "cure", the THC slowly becomes psychoactive. Curing builds a more uniformily dried bud with a better burn and taste. Almost all the THC converts to the usable psychoactive cannabinoid over the alotted time, without the degradation from drying the bud rapidly with heat.

(from fergetit)
It's true we all know bud can appear dry, but still have moisture locked in the stems, it doesn't really affect carboxylization.

According to Starkes and Clarke, cured buds undergo a: