Curaleaf expands credit facility to $100 million with Needham Bank

Curaleaf Holdings Inc. (TSX: CURA) (OTCQX: CURLF) announced it has expanded its revolving credit facility with Needham Bank from $40 million to $100 million and extended the maturity to up to five years.

The cannabis company stated this represents the largest revolving credit facility in the U.S. cannabis sector to date. The secured facility has an initial one-year term with an interest rate of 7.99% on outstanding principal.

The facility can be extended for up to five years, with the interest rate increasing to 8.99% if Curaleaf refinances its Senior Note Facility due in 2026. The company plans to use at least $50 million from the credit line to pay down higher interest-bearing acquisition-related debt while maintaining capacity for working capital needs.

"I couldn't be prouder of our team for the focus, discipline, and collaboration that made completing this $100 million facility possible," said Boris Jordan, Chairman and CEO of Curaleaf. "Not only does this increased credit line provide us greater flexibility to execute our strategic plan but also demonstrates the confidence Needham has in our long-term objectives."

CFO Ed Kremer described the transaction as "first of-its-kind" at this scale in the cannabis industry. He said it represents progress toward broader access to capital markets and establishing financial standards in a sector with historically limited institutional participation.

Curaleaf operates as an international cannabis products provider with brands including Select, Grassroots, and Find. The company trades on the Toronto Stock Exchange and OTCQX market, according to the press release statement.

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