Curaleaf Secures $100M Revolving Credit Facility

STAMFORD – Curaleaf Holdings Inc. closed an expanded revolving credit agreement with Needham Bank, increasing its borrowing limit to $100 million from $40 million and extending the term to as long as five years. The deal, the largest of its kind for a Cannabis company in the United States, allows Curaleaf to retire at least $50 million in costlier debt tied to past acquisitions while keeping funds available for day-to-day operations.

Under the amended terms, interest on the outstanding balance starts at 7.99% and could rise to 8.99% if Curaleaf refinances its senior notes due in 2026. The one-year initial commitment includes options for extensions, giving the company room to maneuver as federal reforms remain stalled and state-level sales continue to grow unevenly.

Boris Jordan, Curaleaf’s Chairman and CEO, called the arrangement a testament to the company’s steady progress. “This increased credit line provides us greater flexibility to execute our strategic plan but also demonstrates the confidence Needham has in our long-term objectives,” he said in a statement. Chief financial officer Ed Kremer added that the transaction reflects lenders’ backing of Curaleaf’s operations and points to wider shifts in how banks approach the industry. “It represents a significant step toward broader access to capital markets,” Kremer noted.

For Curaleaf, which operates 157 dispensaries across 23 states and reported $315 million in Q2 2025 revenue, the facility arrives at a time when many peers grapple with high borrowing costs and tight credit. By swapping out pricier obligations [some carrying double-digit rates], the move should trim annual interest expenses by millions, based on a quick review of the company’s debt stack. That savings could free up cash for inventory builds or marketing pushes ahead of potential ballot measures in states like Florida, where Curaleaf holds a strong foothold.

The partnership with Needham, a Massachusetts-based community bank with a track record in Cannabis lending, dates back years and underscores how regional institutions have filled gaps left by bigger players wary of federal restrictions. Analysts, tracking the sector, see it as a quiet win for Curaleaf’s balance sheet amid a year of mixed earnings.

From a broader view, this facility [the largest in the U.S. Cannabis sector to date] highlights the slow thaw in Cannabis financing, where deals like this one set precedents without fanfare. Curaleaf’s ability to scale up borrowing signals to investors that operational discipline pays off, even as the industry awaits clearer regulatory paths. For now, it positions the company to weather cash flow dips and seize openings in a fragmented market, steps that could define its edge through 2026.