Curaleaf Completes $500M Debt Refinancing, Extends Maturity to 2029

STAMFORD – Curaleaf Holdings Inc. has finalized a $500 million private placement of 11.5% senior secured notes maturing on February 18, 2029. The company announced the closing, marking what it describes as the largest bond offering in the U.S. Cannabis sector to date.

The proceeds primarily refinanced Curaleaf’s existing $475 million senior secured notes [of which approximately $457 million remained outstanding] that were set to mature on December 15, 2026. The balance covers transaction expenses and provides additional non-dilutive capital to pursue international growth opportunities. The notes were issued at par value, with interest paid semi-annually.

This transaction extends Curaleaf’s debt maturity by roughly three years while introducing flexibility for future borrowing, including provisions for additional note issuances under certain leverage limits and up to $100 million in senior bank debt.

The 11.5% coupon reflects the high-risk profile of Cannabis financing, given federal restrictions that limit access to traditional banking and lower-cost capital. However, such rates remain elevated compared to those of mainstream corporate debt due to ongoing challenges in the sector and continued state-level legalization progress.

Analysts view the deal as a pragmatic step for Curaleaf, which has consistently generated cash from its broad U.S. footprint and select international markets. The oversubscribed nature of the offering, which attracted ten new institutional lenders to the Cannabis space, suggests renewed confidence among certain credit investors in established operators capable of demonstrating scale and cash flow stability.

Curaleaf operates 160 dispensaries across 17 states and maintains a presence in international markets, positioning the fresh capital to support potential acquisitions, facility expansions or regulatory-driven entries as legalization advances unevenly across jurisdictions.

The transaction arrives against a backdrop of industry consolidation and persistent capital challenges. While federal reform efforts have stalled, state-level markets continue to mature, rewarding companies with strong balance sheets and operational discipline.

For Curaleaf, as one of the sector’s most capitalized players, securing this extended maturity profile reduces near-term refinancing pressure and preserves equity for shareholders. What’s more, it reflects the ability to execute this deal at scale and the reality that large-scale Cannabis enterprises must navigate high-cost debt markets while awaiting broader banking access or rescheduling progress.