Harborside

WAKEFIELD, Mass., March 9, 2021 — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”), a leading U.S. provider of consumer products in cannabis, today reported its financial and operating results for the fourth quarter and year ended December 31, 2020. All financial information is provided in U.S. dollars unless otherwise indicated.

Q4 and FY2020 Financial Highlights (Unaudited)

($ thousands, except per share amounts)


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Q4 2020

Q3 2020

 % qoq
Change

Q4 2019

 % yoy
Change

FY 2020

FY 2019

 % yoy
Change

Managed Revenue(1)

$233,339

$193,220

21%

$81,667

186%

$652,983

$250,642

161%

Total Revenue

$230,253

$182,408

26%

$75,457

205%

$626,637

$221,018

184%

Gross profit before impact of biological assets

$110,595

$91,775

21%

$39,762

178%

$315,489

$118,632

166%

Gross profit on cannabis sales(1) 

$109,625

$89,669

22%

$21,986

399%

$275,071

$71,471

285%

Gross margin on cannabis sales(1) 

48%

50%


38%


47%

41%


Adjusted EBITDA(1)

$53,784

$42,295

27%

$13,824

289%

$144,080

$25,903

456%

Net income (loss) attributable to Curaleaf Holdings Inc.

($35,274)

($9,343)


($26,561)


($61,735)

($67,244)


Net income (loss) per share – basic and diluted

($0.05)

($0.01)


(0.06)


(0.11)

(0.15)




(1)

See “Non-IFRS Financial and Performance Measures” below for more information regarding Curaleaf’s use of Non-IFRS financial measures and other reconciliations.

(2)

Fourth Quarter Pro Forma for the period included the revenue from Alternative Therapies Group, Inc. (“ATG”) as if the acquisition had occurred on October 1, 2020, the revenue of then pending acquisitions of Maryland Compassionate Care and Wellness, LLC (Grassroots related subsidiary) as if it occurred on October 1, 2020 and excluded revenue of the pending asset sales of HMS Health, LLC, HMS Processing, LLC and Town Center Wellness, LLC as if the sales had occurred on October 1, 2020. Fiscal Year 2020 Pro Forma includes the revenue from Cura Partners, Inc. (“Select”), Arrow Companies (“Arrow”), Remedy Compassion Center, Inc. (“Remedy”), GR Companies, Inc. (“Grassroots”), Virginia’s Kitchen, LLC (“Blue Kudu”), Curaleaf NJ, Inc. (“CLNJ”), Prime Organic Therapy, Inc. (“MEOT”) and ATG as if the acquisitions had occurred on January 1, 2020 and excluded revenue of the pending asset sales of HMS Health, LLC, HMS Processing, LLC and Town Center Wellness, LLC as if the sales had occurred  on January 1, 2020.

Fourth Quarter Highlights

  • Record managed revenue of $233.3 million, which grew 186% year-over-year and 21% sequentially
  • Record total revenue of $230.3 million, which grew 205% year-over-year and 26% sequentially
  • Record adjusted EBITDA of $53.8 million, which grew 289% year-over-year and 27% sequentially
  • Completed acquisition of Alternative Therapies Group (“ATG”)
  • Completed divestiture of Curaleaf Maryland’s assets for a total consideration of $4.0 million
  • R&D activities drove the launch of 32 new formulated products across form factors during the quarter

Full Year Highlights

  • Record managed revenue of $653.0 million, which grew 161% year-over-year
  • Record total revenue of $626.6 million, which grew 184% year-over-year
  • Record adjusted EBITDA of $144.1 million, which grew more than four times 2019 levels
  • Successfully completed eight acquisitions, including Select, Grassroots, Curaleaf NJ, Arrow, MEOT, Remedy, Blue Kudu and ATG
  • Significantly expanded retail and wholesale operations through both acquisitions and organic growth, growing retail operations from 51 to 96, cultivation sites from 14 to 23, and processing sites from 15 to 30, along with expanding operations from 14 states to 23 states
  • R&D activities drove the launch of 84 new formulated products across form factors during the year

Post Fourth Quarter Highlights

  • Curaleaf to enter European cannabis market with proposed acquisition of EMMAC Life Sciences Limited, Europe’s largest vertically integrated independent cannabis company, making Curaleaf the undisputed global cannabis market leader based on revenue. The transaction is expected to close early in the second quarter of 2021.
  • Raised net proceeds of $240.6 million in a public offering of 18,975,000 subordinate voting shares and net proceeds of $49.2 million from a tack-on to the Company’s existing secured credit facility
  • Opened 5 new stores since December 31, 2020 in Florida, Pennsylvania and Maine, bringing total retail locations to 101

Joe Bayern, Chief Executive Officer of Curaleaf stated, “Curaleaf’s record fourth quarter results reflected the benefit of our acquisition of Grassroots, which expanded our presence into 6 new states, including high-growth markets such as Illinois and Pennsylvania as well as the continued ramp up of Select, which is now in 17 states. In 2021, we expect to see the positive benefits of the transformative legalization of adult-use cannabis in Arizona and New Jersey. As we have stated, we believe New Jersey will accelerate the potential of future adult-use in key states such as New York, Pennsylvania and Connecticut. Each of these markets present an enormous growth opportunity for us, as Curaleaf is the only MSO with a leading presence in every one of these states.”

Boris Jordan, Executive Chairman of Curaleaf commented, “In parallel with the announcement of our record financial results, earlier today Curaleaf issued a separate press release announcing its entrance into the European cannabis market with acquisition of EMMAC Life Sciences Limited, Europe’s largest vertically integrated  independent cannabis company.  This milestone transaction will give Curaleaf a leading presence in key European medical cannabis markets including the United Kingdom, Germany, Italy, Spain, and Portugal, among others. The proposed transaction will provide Curaleaf with access to the European market of 748 million people, representing another transformational growth driver for Curaleaf for years to come.”

Mike Carlotti, Chief Financial Officer of Curaleaf, added, “Curaleaf, once again, delivered record quarterly and annual results highlighted by record Managed Revenue, Pro Forma Revenue, and a 27% sequential improvement in Adjusted EBITDA. With our successful integration of Alternative Therapies Group in October 2020, starting next quarter, we will no longer report Managed Revenue thus simplifying our financial reporting.  Our recent capital raises further strengthen the Company’s balance sheet providing it with ample capital to pursue planned organic growth initiatives, potential investments in states that may go adult-use sooner than later and for strategic acquisition opportunities.  We believe that 2021 will be yet another record year for Curaleaf as we continue to expand our cultivation in key markets, open additional stores, expand our product and brand platforms, invest in future growth opportunities as well as see the benefit from Arizona’s recently approved adult use market and potentially New Jersey’s in late 2021.”

Financial Results for the Fourth Quarter Ended December 31, 2020

Managed Revenue for the fourth quarter of 2020 was a record $233.3 million, an increase of 185.7% compared to $81.7 million in the fourth quarter of 2019. Managed Revenue for the fourth quarter increased 20.8% sequentially.

Total Revenue for the fourth quarter of 2020 was a record $230.3 million, an increase of 205.1% compared to $75.5 million in the fourth quarter of 2019. Total Revenue for the fourth quarter of 2020 increased 26.2% sequentially.

Retail revenue increased by 242.2% to $164.9 million during the fourth quarter of 2020, compared to $48.2 million in the fourth quarter of 2019. The increase in retail revenue was primarily due to organic growth and new store openings in Florida, Massachusetts, Arizona, Illinois and New York, coupled with the impact of Grassroots, Curaleaf NJ, Arrow, and Maine Organic Therapy acquisitions in 2020, as well as acquisitions of two dispensaries in Arizona in the third quarter of 2019 and acquisition of Acres in Nevada in late 2019.

Wholesale revenue increased 578.5% to $64.4 million during the fourth quarter of 2020, compared to $9.5 million in the fourth quarter of 2019. Growth in wholesale revenue was due primarily to the addition of Select, Grassroots, Curaleaf NJ, Blue Kudu and ATG as well as an increase in Maryland and New York as a result of increased cultivation and harvest.

Management fee income decreased by 94.5% to $1.0 million during the fourth quarter of 2020, compared to $17.8 million in the fourth quarter of 2019. The decrease in the management fee income was primarily due to the acquisitions of Curaleaf NJ, the managed not-for-profit in New Jersey in July 2020 and ATG in November 2020.

Gross profit before impact of biological assets for the fourth quarter of 2020 was $110.6 million, compared to $39.8 million for the fourth quarter of 2019. The increase was primarily due to the continued improvement and increases in the operating capacity and efficiency of the Company’s cultivation and processing facilities.

Gross profit on cannabis sales was $109.6 million for the fourth quarter of 2020, resulting in a 48% margin, compared to $22.0 million in the fourth quarter of 2019. The increase was primarily due to the continued improvement and increases in the operating capacity and efficiency of the Company’s cultivation and processing facilities.

Adjusted EBITDA was a record $53.8 million for the fourth quarter of 2020, compared to $13.8 million for the fourth quarter of 2019.

Net loss, attributable to Curaleaf Holdings, Inc., for the fourth quarter of 2020 was $35.3 million, compared to a net loss of $26.6 million in the fourth quarter of 2019. The increase was a result of a $16.3 million increase in depreciation and amortization and a $10.5 million increase in share-based compensation, both of which are non-cash, a $25.8 million increase in income tax expense and a $20.3 million increase in net interest expense. These were partially offset by a $10.2 million increase in other income, which is mainly driven by gains on investments offset by impairment on the Eureka license, a $9.3 million increase in the fair value of biological assets, and a $5.4 million decrease in one-time expenses.

Financial Results for the Year Ended December 31, 2020

Managed Revenue for the year ended 2020 was a record $653.0 million, an increase of 160.5% compared to $250.6 million in for the year ended 2019.

Total Revenue for the year ended 2020 was a record $626.6 million, an increase of 183.5% compared to $221.0 million for the year ended 2019.

Retail revenue increased by 205.0% to $423.2 million during the year ended 2020, compared to $138.7 million for the year ended 2019. The increase in retail revenue was primarily due to organic growth and new store openings in in Florida, Massachusetts, Arizona, Illinois and New York, coupled with the impact of Grassroots, Curaleaf NJ, Arrow, and Maine Organic Therapy acquisitions in 2020, as well as acquisitions of two dispensaries in Arizona in the third quarter of 2019 and acquisition of Acres in Nevada in late 2019.

Wholesale revenue increased 364.2% to $163.0 million during the year ended 2020, compared to $35.1 million for the year ended 2019. Growth in wholesale revenue was due primarily to the addition of Select, Grassroots, Curaleaf NJ, Blue Kudu and ATG as well as an increase in Maryland and New York as a result of increased cultivation and harvest.

Management fee income decreased by 14.3% to $40.4 million during the year ended 2020, compared to $47.2 million for the year ended 2019. The decrease in the management fee income was primarily due to the acquisitions of Curaleaf NJ, the managed not-for-profit in New Jersey in July 2020 and ATG in November 2020.

Gross profit before impact of biological assets for the year ended 2020 was $315.5 million, compared to $118.6 million for the year ended 2019. The increase was primarily due to the continued improvement in the operating capacity and efficiency of the Company’s cultivation and processing facilities.

Gross profit on cannabis sales was $275.1 million for the year ended 2020, resulting in a 47% margin, compared to $71.5 million for the year ended 2019. The increase was primarily due to the continued improvement in the operating capacity and efficiency of the Company’s cultivation and processing facilities.

Adjusted EBITDA was a record $144.1 million for the year ended 2020, compared to $25.9 million for the year ended 2019.

Net loss, attributable to Curaleaf Holdings, Inc., for the year ended 2020 was $61.7 million, compared to a net loss of $67.2 million for the year ended 2019. The decrease was a result of a $24.1 million increase in other income, which is mainly driven by gains on investments partially offset by impairment on the Eureka license, and a $52.0 million increase in the fair value of biological assets. These were partially offset by an increase of $51.3 million in depreciation and amortization and a $14.3 million increase in share-based compensation, both of which are non-cash, a $59.3 million increase in income tax expense, a $47.7 million increase in net interest expense, and a $13.3 million increase in one-time expenses.

Balance Sheet and Liquidity

As of December 31, 2020, and prior to the Company’s recent capital raises, it had $73.5 million of cash on hand, $291.5 million of outstanding debt net of unamortized debt discounts and the weighted average fully diluted shares outstanding during the year were 557.2 million.

Conference Call and Webcast Information

Curaleaf will host a conference call and audio webcast today at 4:30 pm ET to answer questions about the Company’s operational and financial highlights. The dial-in numbers for the conference call are +1-888-317-6003 (U.S.), +1-866-284-3684 (Canada) or +1-412-317-6061 (Int’l) Passcode: 5071585. Please dial-in 10 to 15 minutes prior to the start time of the conference call and an operator will register your name and organization.

The conference call will also be available via webcast, which can be accessed through the Investor Relations section of Curaleaf’s website, https://ir.curaleaf.com/events.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until March 16, 2021 at 11:59 pm ET and can be accessed by dialing +1-877-344-7529 (U.S.), +1-855-669-9658 (Canada) or +1-412-317-0088 (International) and entering replay pin number: 10152585. The online archive of the webcast will be available on https://ir.curaleaf.com/events for 90 days following the call.

Non-IFRS Financial and Performance Measures

In this press release Curaleaf refers to certain non-IFRS financial measures such as “Pro Forma Revenue”, “Managed Revenue”, “Gross Profit on Cannabis Sales” and “Adjusted EBITDA”. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. Curaleaf defines “Managed Revenue” as total revenue plus revenue from entities for which the Company has a management contract but does not consolidate the financial results based on IFRS 10 – Consolidated Financial Statements. Curaleaf defines “Pro Forma Revenue” as “Managed Revenue” plus revenue from operations of pending and closed acquisitions as if such acquisitions occurred on January 1, 2020 for the Company’s fiscal year and as of October 1, 2020 for the Company’s fourth quarter. The Company defines “Gross Profit on Cannabis Sales” as retail and wholesale revenues less cost of goods sold. “Adjusted EBITDA” is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to business development, acquisition, financing and reorganization costs. Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The following tables provide a reconciliation of each of the non-IFRS measures to its closest IFRS measure.

Managed Revenue (Unaudited)

($ thousands)



Q4 2020


Q3 2020


Q4 2019


FY 2020


FY 2019

Retail revenue

$

164,932


$

135,344


$

48,196


$

423,183


$

138,738

Wholesale revenue


64,351



44,958



9,485



163,036



35,119

Management fee income


970



2,106



17,776



40,418



47,161

Total Revenue


230,253



182,408



75,457



626,637



221,018

Revenue from managed entities, net of MSA fees


3,086



10,812



6,210



26,346



29,624

Managed revenue

$

233,339


$

193,220


$

81,667


$

652,983


$

250,642































Gross Profit on Cannabis Sales (Unaudited)

($ thousands)



Q4 2020


Q3 2020


Q4 2019


FY 2020


FY 2019

Retail and wholesale revenues

$

229,283


$

180,302


$

57,681


$

586,219


$

173,857

Cost of goods sold


119,658



90,633



35,695



311,148



102,386

Gross profit on cannabis sales

$

109,625


$

89,669


$

21,986


$

275,071


$

71,471































Adjusted EBITDA (Unaudited)

($ thousands)



Q4 2020


Q3 2020


Q4 2019


FY 2020


FY 2019

Net loss

$

(35,109)


$

(8,931)


$

(27,152)


$

(61,328)


$

(69,848)

Interest expense, net


25,366



17,431



5,095



62,518



14,815

Income tax expense


37,843



18,745



12,026



83,371



24,059

Depreciation and amortization (1)


29,034



26,657



12,699



88,466



37,206

Share-based compensation


16,114



5,430



5,663



30,879



16,607

Other (income) expense


(7,473)



(10,874)



2,763



(20,877)



3,257

Change in fair value of biological assets


(14,867)



(24,008)



(5,533)



(75,024)



(22,981)

One time charges 


2,876



17,845



8,263



36,075



22,788

Adjusted EBITDA

$

53,784


$

42,295


$

13,824


$

144,080


$

25,903



(1)

Depreciation and amortization expense in Q4 2020, Q3 2020, Q4 2019, FY2020 and FY2019 include amounts charged to cost of goods sold on the statement of profits and losses. Prior periods Q4 2019 and FY2019 have been adjusted to reflect the current period calculation of Adjusted EBITDA.

About Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading U.S. provider of consumer products in cannabis, with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a vertically integrated, high-growth cannabis operator known for quality, expertise and reliability, the Company and its brands, including Curaleaf and Select provide industry-leading service, product selection and accessibility across the medical and adult-use markets. Curaleaf currently operates in 23 states with 101 dispensaries, 23 cultivation sites and over 30 processing sites, and employs over 3,900 team members across the United States. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information please visit www.curaleaf.com.

Consolidated Statements of Financial Position (Unaudited)

($ thousands)



December 31,


December 31,


2020


2019

Assets






Current assets:






Cash

$

73,542


$

42,310

Accounts receivable


28,830



18,335

Inventory, net


197,991



63,210

Biological assets


46,210



19,197

Assets held for sale


58,504



Prepaid expenses and other current assets


10,140



6,479

Current portion of notes receivable


2,645



Total current assets


417,862



149,531

Deferred tax asset


5,528



2,628

Notes receivable


2,000



57,166

Property, plant and equipment, net


242,855



129,812

Right-of-use assets, net


267,168



82,794

Intangible assets, net


797,401



185,635

Goodwill


470,144



69,326

Investments


16,264



51,209

Prepaid acquisition consideration


132,234



Other assets


35,135



8,825

Total assets

$

2,386,591


$

736,926







Liabilities and Shareholders’ Equity






Current liabilities:






Accounts payable

$

47,043


$

12,742

Accrued expenses


57,475



18,016

Income tax payable 


79,649



15,114

Current portion of lease liability


15,710



11,835

Current portion of notes payable 


6,500



17,000

Liabilities held for sale


7,181



Other current liabilities


6,568



31,549

Total current liabilities


220,126



106,256

Deferred tax liability


226,465



22,642

Notes payable


285,001



87,953

Lease Liabilities


270,495



81,319

Non-controlling interest redemption liability


2,694



2,694

Contingent consideration liability 


1,898



32,616

Other long term liability


3,698



Total liabilities


1,010,377



333,480







Shareholders’ equity:






Share capital


1,754,412



693,699

Treasury shares


(5,208)



(5,208)

Reserves


(177,744)



(146,819)

Accumulated deficit


(194,645)



(132,910)

Total Curaleaf Holdings, Inc. shareholders’ equity


1,376,815



408,762

Redeemable non-controlling interest


(2,694)



(2,694)

Non-controlling interest   


2,093



(2,622)

Total shareholders’ equity


1,376,214



403,446

Total liabilities and shareholders’ equity

$

2,386,591


$

736,926

Consolidated Statements of Profits and Losses (Unaudited)

($ thousands, except for share and per share amounts)



Three Months Ended


Year Ended


December, 31


December, 31


2020


2019


2020


2019

Revenues:












Retail and wholesale revenues

$

229,283


$

57,681


$

586,219


$

173,857

Management fee income


970



17,776



40,418



47,161

Total revenues


230,253



75,457



626,637



221,018

Cost of goods sold


119,658



35,695



311,148



102,386

Gross profit before impact of biological assets


110,595



39,762



315,489



118,632

Realized fair value amounts included in inventory sold


(57,265)



(33,920)



(149,586)



(74,757)

Unrealized fair value gain on growth of biological assets


72,132



39,453



224,610



97,738

Gross profit


125,462



45,295



390,513



141,613

Operating expenses:












Selling, general and administrative


68,289



36,227



227,274



121,022

Share-based compensation


16,114



5,663



30,879



16,607

Depreciation and amortization


20,432



10,673



68,676



31,701

Total operating expenses


104,835



52,563



326,829



169,330

Income (Loss) from operations


20,627



(7,268)



63,684



(27,717)

Other income (expense):












Interest income


24



2,450



6,484



9,938

Interest expense


(13,695)



(5,397)



(47,903)



(18,396)

Interest expense related to lease liabilities


(11,695)



(2,148)



(21,099)



(6,357)

Gain on investment


26,954





37,560



Other income (expense)


(19,481)



(2,763)



(16,683)



(3,257)

Total other income (expense), net


(17,893)



(7,858)



(41,641)



(18,072)

Income (Loss) before provision for income taxes


2,734



(15,126)



22,043



(45,789)

Income tax benefit (expense)


(37,843)



(12,026)



(83,371)



(24,059)

Net loss


(35,109)



(27,152)



(61,328)



(69,848)

Less: Net income (loss) attributable to non-controlling interest


165



(591)



407



(2,604)

Net loss attributable to Curaleaf Holdings, Inc.

$

(35,274)


$

(26,561)


$

(61,735)


$

(67,244)

Loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted

$

(0.05)


$

(0.06)


$

(0.11)


$

(0.15)

Weighted average common shares outstanding – basic and diluted


660,398,593



468,445,941



557,192,899



462,911,053

Investor Contact:
Curaleaf Holdings, Inc. 
[email protected] 

Media Contact:
Curaleaf Holdings, Inc. Tracy Brady, VP of Corporate Communications
[email protected]

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (“forward-looking statements”). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on management’s current beliefs, expectations or assumptions regarding the future of the business, plans and strategies, operational results and other future conditions of the Company. In addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as “assumptions”, “assumes”, “guidance”, “outlook”,  “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words and includes, among others, information regarding: its outlook for and expected operating margins, capital allocation, free flow cash and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations and plans; expectations that planned acquisitions will be completed; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third-parties; the concentrated voting control of the Company’s Chairman and the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; as well as those risk factors discussed under “Risk Factors” in the Company’s Annual Management, Discussion and Analysis dated March 11, 2021, and in the Company’s Annual Information Form dated September 25, 2020, and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company’s objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. You should not place undue reliance on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s prospective results of operations, production and production efficiency, commercialization, revenue and cash on hand, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set second in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about the Company’s future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.

The financial information reported in this news release is based on unaudited management prepared financial statements for the quarter and year ended December 31, 2020. Accordingly, such financial information may be subject to change. Financial statements for the period will be released and filed under the Company’s profiles on SEDAR at www.sedar.com no later than March 11, 2021. All financial information contained in this news release is qualified in its entirety with reference to such unaudited financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s unaudited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

SOURCE Curaleaf Holdings, Inc.

Curaleaf Reports Record Fourth Quarter and Fiscal Year End 2020 Financial and Operational Results

Related Links

https://www.curaleaf.com