Cannabist Company Announces Agreement to Sell Virginia Assets to Curaleaf
CHELMSFORD, Mass. — (Business Wire) —
The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) (“The Cannabist Company” or the “Company”), one of the most experienced developers, manufacturers and retailers of cannabis products in the United States, today announced that it has entered into an agreement to sell all of its ownership interests in its subsidiary engaged in the sale, distribution and sale to humans. hemp to a subsidiary in the Commonwealth of Virginia Curaleaf Holdings Inc. (the “Deal”) totaling $110 million, subject to adjustment. The assets consist primarily of 5 active retail locations, 1 additional retail location under development and approximately 82,000 square feet of processing and manufacturing capacity in the Richmond area.
As previously announced, the Company’s board of directors formed a special committee of independent directors (the “Special Committee”) to review strategic alternatives. The Special Committee, with the assistance of outside financial and legal advisors, is considering a number of options, including potential asset sales, mergers or other strategic or financial transactions. The review is being conducted in light of current operational and financial challenges for the Company and the industry, as well as the continued uncertainty as to whether and when there may be U.S. federal regulatory changes affecting the Company and the industry, including, without limitation, changes in the Company’s and the industry’s U.S. federal taxation pursuant to Section 280(e) of the Internal Revenue Code. The transaction forms part of this strategic review.
Deal Highlights
The Company, Green Leaf Medical of Virginia, LLC, a subsidiary of the Company (“gLeaf Virginia”), and Green Leaf Medical, LLC, another subsidiary of the Company and the sole member of gLeaf Virginia (the “Member”), entered into a stock purchase agreement (“EPA”) with Curaleaf, Inc. (“Buyer” EPA, Inc. The Purchaser will purchase all of the issued and outstanding shares of gLeaf Virginia from the Member for an aggregate consideration of $110 million, consisting of; by the Member prior to the Closing (“Promissory Note”), all subject to adjustment as described in the EPA. The Promissory Note will bear interest at 6% per annum from the EPA Closing Date (“Closing Date”) until maturity one year after the Closing Date. Deferred payment will be due within 30 days of the earlier of (i) the date on which the first adult sale occurred at a gLeaf Virginia retail location. in each and at one retail location under development in the Commonwealth of Virginia, and (ii) from the date that is twelve (12) months after the date on which the adult first retail sale occurred.
The principal amount of the promissory note is subject to downward adjustments for GLeaf Virginia’s cash, working capital, debt and transaction costs, as well as indemnification claims. Any unpaid indemnification obligation that is outstanding against a promissory note may also be indemnified by Buyer against deferred payment.
The EPA includes a 15 business day trading period beginning on the date of the EPA and continuing through 2025. December 22 at 11:59 p.m. Eastern Time, unless otherwise extended with the prior written consent of Buyer, during which the Company, with the assistance of its financial advisor, Moelis & Company LLC, will be limited to the requirements set forth by the EPA and other requirements. request, negotiate and enter into alternative offers. The EPA includes a $3.3 million break fee that will be payable if the Company enters into an alternative offer or if the Company does not obtain Noteholder Consent (as defined below).
The transaction is subject, among other things, to the satisfaction or waiver of certain closing conditions, including regulatory approvals and the consent of the holders of a majority of nine and one-quarter percent (9.25%) principal amount due December 31, 2028 (the “2028 Percent (New Percent Notes) and 90 Percent”). Convertible notes due December 31, 2028 (the “2028 Convertible Notes” and together with the 2028 Notes, the “Notes”) issued by the Company (the “Noteholder Consent”). No shareholder approval is required. The transaction is expected to close in or before early 2026.
The Company expects to use a portion of the net proceeds from the Transaction to repay the Notes.
Moelis & Company LLC acted as financial advisor to the Company. Stikeman Elliott LLP acted as Canadian counsel. Weil, Gotshal & Manges LLP and Foley Hoag LLP acted as counsel for the United States.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of the most experienced developers, manufacturers and suppliers of cannabis products and related services with licenses in 12 US jurisdictions. The company operates 77 facilities, including 61 dispensaries, and 16 cultivation and manufacturing facilities, including those in development. Columbia Care, now The Cannabis Company, was one of the original multi-state providers of cannabis in the United States and now provides industry-leading products and services to both the medical and adult use markets. In 2021, the company launched Cannabist, its retail brand, creating a national dispensary network that uses proprietary technology platforms. The company offers flower, edible, oil and tablet products and manufactures popular brands including dreamt, Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press and Amber. For more information, visit www.cannabistcompany.com.
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Verano Announces Fourth Quarter and Full Year 2025 Financial Results
The company delivered sequential revenue and margin improvement within guidance in the fourth quarter; closes 2025 with the top three market share positions1 in all competing categories
The newly announced $195 million credit facility demonstrates the Company’s ability to access lower cost capital and secure some of the industry’s most favorable terms, including maturity and prepayment flexibility and an initial interest rate of 9.5% per annum.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the fourth quarter and full year of 2025
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AWH Announces Fourth Quarter and Full Year 2025 Results
Q4 2025 and Q4 2025 revenue were $120.5 million and $500.6 million
Expanded adjusted EBITDA margin1 to 25.1% in 2025. in the fourth quarter and 23.4% in 2025. for the financial year.
Maintained strong liquidity with $85.7 million in cash and no significant short-term debt
The retail footprint grows to 48 locations as consolidation continues
NEW YORK, March 12, 2026. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multinational, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are presented in US dollars in all currencies and under GAAP.
Q4 & FY 2025 Business Highlights
Implemented a consolidation strategy throughout 2025, opening eight new dispensaries, expanding market presence and expanding retail footprint to 48 locations to date, including partner-owned and operated locations.
Ascend opened its first social capital partner store in Little Falls, New Jersey with Mister Jones, LLC in Q4 2025. The company has also been approved by the New Jersey Cannabis Regulatory Commission for a second Social Capital partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
During the first quarter of 2026 (“Q1 2026”), AWH opened its sixth store in Ohio and an additional partner owned and operated in Illinois. In addition, the Company closed an unsuccessful store in Ann Arbor, Michigan.
The retail development pipeline includes 12 new sites, bringing the total number of Company-owned and partner-owned and -operated dispensaries to 60, pending regulatory approvals.
Developed and launched a record 566 SKUs in fiscal year 2025, including 146 in Q4 2025, exceeding the initial goal of 550 SKUs for the year, including;
Debut of two new brands: High Wired infused flower and Honor Roll high quality prenglers made with 100% flower.
Expanding formats, flavors and formulations across nearly all product lines, including Effin’ effects-based gummies and vapors, High Wired sugar caps and Simply Herb single-use vapors, with multiple new launches ranked among AWH’s best-selling SKUs for Q4 2025.
Ultra Limited Ozone King Edition of Ozone Liquid Diamonds and Queen Cola.
Quarter after quarter, in Q1 2026, AWH unveiled an extensive brand and quality transformation of its flagship lifestyle brand Ozone, featuring an updated visual identity, elevated product standards, innovative packaging and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other major markets to follow in the coming quarters. The evolution of Ozone will see the launch of a number of new products, including the brand’s first full-spectrum gum, as well as new macrodose gum and additional flower and vapor offerings.
Retained a position among the top three brand houses by both sales and units in Illinois, Massachusetts and New Jersey3 combined through fiscal year 2025, reinforcing market leadership with an expanded portfolio of products and brands. Delivering a fully integrated e-commerce ecosystem that combines a redesigned shopping platform and app with AI-driven personalization, Ascend Pay payment functionality and an enhanced loyalty program, marking a major milestone in AWH’s customer-first strategy.
Sales through Ascend Pay increased 49.4% from the third quarter of 2025 (“Q3 2025”) to the fourth quarter of 2025, driven by a 51.5% increase in transactions and a 57.8% increase in units sold at retail locations owned and operated by Ascend and partners.
In the fourth quarter of 2025, total membership of the Ascenders Club loyalty program increased by 56%, and active members increased by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, up 16% at Ascend retail locations.
Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million in cash, completing its broader refinancing initiative in three quarters and with $9 million in secured assets in the 2025 quarter. competitive 8.5% interest rate maturing in September 2030 to support disciplined growth and retail expansion.
A common course issuer bid (“NCIB”) share buyback program (“Buyback Program”) has been successfully completed.
The Company has repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 beginning in the fourth quarter of 2024, when the Purchase Program was initiated.
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Cresco Labs Delivers Q3 2025 Revenue of $162M and Sequential Margin Improvement
CHICAGO – (BUSINESS WIRE) – Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), an industry leader in branded cannabis products with a portfolio of America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the 2nd quarter ended December 31 and year-end. In accordance with U.S. GAAP and in U.S. dollars unless otherwise noted, and is available on the Company’s investor website here.
Highlights of FY2025
Revenue: $656 million. Operating cash flow of $73 million and free cash flow¹ of $38 million.
Gross profit: $325 million. Adjusted gross profit¹ $329 million; and an adjusted gross margin of 50.2%¹.
SG&A $218 million. Adjusted SG&A¹ decreased 5.7% year-over-year to $200 million, or 30.4%.
A net loss of $140 million, which included one-time, non-cash charges of $105 million related to the Company’s intangible assets and goodwill impairment related to the impairment of the New York reporting unit and fair value adjustments to the California reporting unit related to the sale of Sonoma’s Finest.
Adjusted EBITDA¹ of $157 million and Adjusted EBITDA margin¹ of 24.0%.
It maintained the #1 equity position in multi-billion dollar markets throughout the year.²
$83 million gross profit. Adjusted gross profit¹ $84 million; and adjusted gross margin¹ of 52.2%.
SG&A of $57 million or 35.3% of revenue.
A net loss of $89 million, which included a one-time, non-cash charge of $93 million related to the write-off of the New York reporting unit.
Fourth quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 25.0%.
Maintained #1 stock position in multi-billion dollar markets
Management Commentary
“In the fourth quarter, we strengthened our financial foundation, expanding margins and generating significant cash flow. We delivered $162 million in revenue, $40 million in adjusted EBITDA and $27 million in operating cash flow, with consistent improvements in multiple profitability metrics. Our focused strategy continues to enhance our competitive position.”
“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a strong position. we continue to show that we win where we operate. We are intentionally building an efficient money-generating platform by balancing organic expansion with selective, active acquisitions while maintaining a strong balance sheet. With leading brand name brand stock, distinctive retail stock. it is positioned to capitalize on industry consolidation and federal reform to create long-term shareholder value.”
¹See “Non-GAAP Financial Measures” at the end of this press release for additional information on the Company’s use of non-GAAP financial measures. ²According to Hoodie Analytics.
Balance sheet, liquidity and other financial information
As of December 31, 2025, current assets were $259 million, including cash, cash equivalents and $91 million of restricted cash. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $311 million of secured term loan debt net of discount and issuance costs and $19 million of mortgage loan debt net of discount and issuance costs. Total shares outstanding on a fully converted basis were 491,585,556 subordinate voting shares as of December 31, 2025.
Conference call and webcast
The Company will hold a conference call and webcast to discuss its financial results on Thursday, March 5, 2026 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The conference call can be accessed via webcast or by dialing 1-833-470-1428 (US toll-free) or 1-646-844-6383 (US local) and providing access code 152399. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
