Curaleaf Announces $500 Million Senior Secured Notes Offering to Refinance Debt and Fund Expansion
- Curaleaf Holdings secured $500 million through a private placement of 11.5% senior secured notes maturing in 2029 to refinance existing debt and fund global growth initiatives.
- The refinancing replaces $457 million of debt due in 2026, extending maturities by over three years and easing near-term financial pressure while maintaining access to capital.
- The notes were significantly oversubscribed, attracting both existing investors and ten new cannabis lenders, indicating strong institutional confidence in Curaleaf and the marijuana industry.
- The additional funds will support Curaleaf's expansion in cultivation, extraction, distribution, and brand investment across U.S. and international markets, including Europe, Canada, and Australasia.
Curaleaf Holdings says it has secured commitments for a $500 million private placement of senior secured notes that the company will use to refinance existing debt and strengthen its balance sheet while providing additional capital for global growth initiatives. Curaleaf Holdings, Inc. announced today that the 11.5% senior secured notes will mature on February 1, 2029. The company intends to use most of the proceeds to refinance its current $475 million senior secured notes that come due in December 2026, of which $457 million remains outstanding. The remaining funds will go toward transaction costs and what Curaleaf describes as high-return global growth opportunities.
The notes are non-dilutive and will be issued at full face value, with interest paid semi-annually. According to the company, the financing was meaningfully oversubscribed, with participation from both existing investors and ten first-time cannabis lenders.
Boris Jordan, chairman and CEO of Curaleaf, said the strong investor demand demonstrates institutional confidence in the company and in the broader marijuana industry.
“This transaction strengthens our balance sheet, extends maturities to 2029, and provides ample flexibility to pursue high-return global growth opportunities, reinforced by our robust and consistent cash generation,” Jordan said in a statement.
Curaleaf says the notes will be governed by a trust indenture that allows for additional note issuances under certain leverage conditions, along with up to $100 million in senior bank financing capacity. The offering is expected to close on or about February 18, pending customary requirements.
The company noted that this is the largest note offering in the U.S. marijuana industry to date. The private placement structure allows the notes to be sold to qualified institutional buyers and accredited investors in the United States, as well as in certain Canadian jurisdictions under securities law exemptions.
The refinancing effectively pushes Curaleaf’s major debt maturity out more than three years, reducing near-term pressure from its 2026 obligation while maintaining access to significant capital for expansion across its U.S. and international operations. Curaleaf operates across medical and adult-use marijuana markets and maintains a distribution network spanning Europe, Canada and Australasia through its international division.
By replacing the 2026 notes with a larger, longer-dated issuance, Curaleaf positions itself with greater financial flexibility at a time when many marijuana companies continue to face limited access to traditional banking and capital markets.
The company says the additional capital will support continued investment across its brands, cultivation, extraction and distribution infrastructure, while giving it room to pursue strategic growth opportunities globally.