Curaleaf announces the closing of a private placement of $500 million 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 supplier of consumer cannabis products, today announced that it has closed a previously announced private placement (the “Offering”) of $500 million in aggregate principal amount of 11.5% due February 2218 (unsecured due 2218). Redemption of $475 million of its previously outstanding notes due December 15, 2026. The Company intends to use the net proceeds from the Offering to provide growth capital to support global growth initiatives and to pay transaction fees and expenses.
The non-dilutive notes, issued at 100% par value, are senior secured obligations of the Company, payable in equal semi-annual installments until maturity, unless earlier redeemed or purchased. The Notes are governed by a trust indenture executed at the closing of the Offering, which permits additional issuances subject to leverage covenants and other conditions, and up to $100 million in senior bank financing.
“The successful closing of this landmark private placement provides a strong 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 industry, expanding the world of institutional investors and strengthening Curaleaf’s leadership position in the industry,” said Chair BorisCE. With an extended runway to 2029 and enhanced capital flexibility, we are well positioned to accelerate our global expansion and capture key strategic opportunities in the international hemp market.
The notes have been offered on a private placement basis in certain Canadian provinces and territories pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Notes were also sold in the United States for the account or benefit of “US persons” (as defined in the United States Securities Act of 1933, as amended (the “US Securities Act”)), on a private placement basis to “qualified institutional buyers” and “accredited investors” pursuant to an exemption from the requirements of the US Securities Registration Act. Under Canadian securities law, the issued securities are subject to a customary four-month hold period.
Seaport Global Securities, LLC acted as lead underwriting agent and ATB Cormark Capital Markets (the “Agents”) acted as co-underwriting agent for the Notes in the United States and Canada, respectively.
No securities regulatory authority has approved or disapproved the content of this news release. The Notes have not been and will not be registered under the US Securities Act or state securities laws. Accordingly, the notes have not been offered or sold in the United States or for the account or benefit of “US persons” except as registered under the US Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the US 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 securities of the Company in any jurisdiction where such offer, solicitation or sale would be illegal.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer cannabis products with a mission to improve 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 access to the medical and adult use markets. Curaleaf International is powered by a strong presence at all stages of the supply chain. Its unique distribution network across Europe, Canada and Australasia combines advanced science and research with advanced cultivation, extraction and manufacturing. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX under the symbol CURLF. For more information, visit https://ir.curaleaf.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.
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