Curaleaf Borrows $500 Million for 3 Years at 11.5%
- Curaleaf Holdings closed a $500 million private placement of 11.5% senior secured notes due in 2029, redeeming its previous $475 million notes due in 2026, with proceeds aimed at supporting global growth and covering transaction costs.
- The issued notes are non-dilutive, senior secured obligations payable semi-annually, governed by a trust indenture that allows for additional note issuances and up to $100 million in senior bank financing under certain conditions.
- Curaleaf’s CEO highlighted the placement as the largest bond offering in the cannabis sector, reinforcing the company’s leadership and enabling accelerated international expansion with increased capital flexibility.
- The notes were offered privately under exemptions in Canada and the U.S. to qualified institutional and accredited investors, with the offering managed by Seaport Global Securities and ATB Cormark Capital Markets as placement agents.
Curaleaf Announces Closing of $500 Million Private Placement of 11.5% Senior Secured Notes Due 2029
STAMFORD, Conn., Feb. 19, 2026 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, today announced that it has closed the previously announced private placement (the “Offering”) of US$500 million aggregate principal amount of 11.5% senior secured notes due February 18, 2029 (the “Notes”) and the redemption of its previously outstanding US$475 million senior secured notes due December 15, 2026. The Company intends to use the net proceeds of the Offering to provide incremental capital to support global growth initiatives, and to pay transaction fees and expenses.
The non-dilutive Notes, which were issued at 100% of face value, are senior secured obligations of the Company, payable semi-annually in equal installments until the maturity date, unless earlier redeemed or purchased. The Notes are governed by a trust indenture supplemented on closing of the Offering which permits additional note issuances subject to leverage covenants and other terms and conditions, as well as up to US$100 million of senior bank financing.
“The successful closing of this landmark private placement delivers a powerful endorsement of Curaleaf’s strategy and long-term vision. I am exceptionally proud of our team for delivering the largest bond offering completed in the cannabis sector – broadening the universe of institutional investors and reinforcing Curaleaf’s leadership position in the industry,” said Boris Jordan, Chairman and CEO of Curaleaf. “With an extended runway into 2029 and enhanced capital flexibility, we are well positioned to accelerate our global expansion and capture key strategic opportunities across the international cannabis market. The renewed institutional demand we are seeing marks a pivotal inflection point for the sector and signals the emergence of a new era of confidence, credibility, and long-term growth for the global cannabis industry.”
The Notes were offered on a private placement basis in certain provinces and territories of Canada pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Notes were also sold in the United States to or for the account or benefit of “U.S. persons” (as defined in the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), on a private placement basis to “qualified institutional buyers” and “accredited investors” pursuant to an exemption from the registration requirements of the U.S. Securities Act. The Notes issued are subject to a customary four-month hold period under Canadian securities laws.
Seaport Global Securities, LLC acted as lead placement agent and ATB Cormark Capital Markets (the “Agents”) was co-placement agent for the Notes in the United States and Canada, respectively.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Notes have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the Notes were not offered or sold within the United States or to or for the account or benefit of “U.S. persons” unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find, and Anthem provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Original press release