Curaleaf Poised for Uplisting on Toronto Stock Exchange

LOS ANGELES- Curaleaf Holdings, Inc., a major player in the cannabis industry operating under the ticker symbols CURA and CURLF, has recently achieved a significant milestone in its financial journey. The company received conditional approval from the Toronto Stock Exchange (TSX) to list its subordinate voting shares, a move that marks a pivotal shift in its market presence.

The final approval of this TSX listing is contingent upon Curaleaf meeting certain standard conditions set by the TSX. As part of this strategic transition, Curaleaf plans to voluntarily withdraw its shares from the Canadian Securities Exchange. This delisting is expected to be effective around the time its shares begin trading on the TSX.

Curaleaf’s decision to uplist on the TSX follows in the footsteps of TerrAscend Corp. (TSND), another multi-state operator (MSO) with business interests in both Canada and the United States. TerrAscend, led by Executive Chairman Jason Wild, made headlines earlier this year as the first American cannabis MSO to secure a spot on the Canadian exchange.

The move to the TSX represents a significant opportunity for Curaleaf. It opens doors to more substantial investors, an avenue that was previously limited due to the ongoing federal illegality of cannabis in the United States, which has kept Nasdaq and NYSE listings out of reach. Currently, Curaleaf, along with other cannabis MSOs like TerrAscend, are traded over-the-counter in the U.S.

Boris Jordan, Chairman of Curaleaf, expressed enthusiasm about this development. “We are excited to announce that Curaleaf has received conditional approval to join the Toronto Stock Exchange,” he stated. Jordan underscored the importance of this transition, highlighting the access to a broader set of global institutional investors, as well as the capital and increased liquidity that comes with listing on a major exchange like the TSX.

Curaleaf’s uplisting to the TSX is not just a significant step for the company but also a notable event in the cannabis industry. It reflects a growing trend of cannabis companies seeking financial avenues in more cannabis-friendly markets. This shift also indicates a maturing cannabis market where major players are seeking to broaden their investor base and enhance their financial stature in the global market. As Curaleaf prepares to finalize its TSX listing, it sets a precedent for other U.S.-based cannabis businesses looking to expand their financial horizons.