Curaleaf Upsizes Revolving Credit Facility to $100 Million with Needham Bank

Executive Summary

• Curaleaf Holdings entered into an amended and restated credit agreement with Needham Bank, increasing its revolving credit facility from $40 million to $100 million.
• The new facility has an initial one‑year term, can be extended up to five years, and bears interest at 7.99% (step‑up to 8.99% if senior notes are refinanced).
• Curaleaf plans to use at least $50 million of the facility to repay higher‑interest acquisition debt while preserving capacity for working‑capital needs and growth initiatives.

Key Details

• Facility Size: Expanded to $100 million (up from $40 million).
• Lender: Needham Bank.
• Term: Initial one‑year term; optional extensions up to five years.
• Interest Rate: 7.99% on outstanding principal; steps up to 8.99% if senior note facility due 2026 is refinanced.
• Use of Proceeds: Minimum $50 million earmarked for repayment of higher‑interest acquisition‑related debt; remaining capacity available for working capital and growth projects.
• Security: Secured revolving credit facility (details of collateral not disclosed in release).
• Strategic Rationale: Enhances financial flexibility to execute Curaleaf’s strategic plan, supports operational capabilities, and signals broader institutional lending access within the cannabis sector.

Notable Quotes

“I couldn't be prouder of our team for the focus, discipline, and collaboration that made completing this $100 million facility possible… demonstrates the confidence Needham has in our long‑term objectives.” – Boris Jordan, Chairman & CEO, Curaleaf

“It represents a significant step toward broader access to capital markets and signals progress toward establishing financial standards in a sector that has historically faced limited institutional participation.” – Ed Kremer, CFO, Curaleaf