Third quarter 2024 revenue of $331 million, representing a decrease of
1% year-over-year, and adjusted gross margin(1) of
49%
Third quarter International revenue increased
82% year-over-year
Year to date operating cash flow from
continuing operations of $119 million
and free cash flow from continuing operations of $53 million
Secured $40.0 million revolving credit facility at
7.99% interest rate
STAMFORD, Conn., Nov. 6, 2024
/CNW/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF)
("Curaleaf" or the "Company"), a leading international provider
of consumer products in cannabis, today reported its financial and
operating results for the third quarter ended September 30,
2024. All financial information is reported in accordance with U.S.
generally accepted accounting principles (GAAP) and is provided in
U.S. dollars unless otherwise indicated.
Boris Jordan, Chairman and CEO of
Curaleaf, stated, "Third quarter revenue was $331 million,
down 1% and adjusted gross margin of 49% was up 312 basis points
compared to last year. Adjusted EBITDA was $75 million or 23%, consistent with last year. In
the first few months in my expanded role as Chairman and CEO, my
focus has been on delivering value to all shareholders through
disciplined execution of fundamental operating principles. The
industry has experienced the pressures of regulatory overhang,
increased competition, unprecedented weather conditions, and
irrational pricing strategies. This backdrop is one of the key
drivers behind our shift towards focusing on sustainable,
profitable organic growth by maintaining share in challenged
markets and growing share where we see strategic opportunity. One
example is in our international business, which was a highlight
this quarter, as it grew 82% year-over-year and 17% quarter over
quarter to $30 million dollars. By
design, our global presence offers a diversification of revenue
streams that mitigates concentration risk."
Third Quarter 2024 Financial Highlights
- Net Revenue of $330.5 million, a
year-over-year decrease of 1% compared to Q3 2023 revenue of
$333.2 million. Sequentially, net
revenue decreased 3%
- Gross profit of $160.5 million
and gross margin of 49%
- Adjusted gross profit(1) of $161.3 million and adjusted gross
margin(1) of 49%, an increase of 312 basis points
year-over-year
- Net loss attributable to Curaleaf Holdings, Inc. of
$44 million from continuing
operations or net loss per share from continuing operations of
$0.07
- Adjusted EBITDA(1) of $75.3
million and adjusted EBITDA margin([1]) of 23%, a
23 basis point increase year-over-year
- Cash at quarter end totaled $90.0
million
- Operating and free cash flow from continuing operations of
$42.3 million and $14.5 million, respectively
|
_________________________
|
|
1
|
Adjusted EBITDA,
adjusted gross profit and free cash flow from continuing operations
are non-GAAP financial measures, and adjusted EBITDA margin and
adjusted gross margin are non-GAAP financial ratios, in each case
without a standardized definition under GAAP and which may not be
comparable to similar measures used by other issuers. See "Non-GAAP
Financial Performance Measures" below for definitions and more
information regarding Curaleaf's use of non-GAAP financial measures
and non-GAAP financial ratios. See "Reconciliation of Non-GAAP
financial measures" below for a reconciliation of each non-GAAP
financial measure used in this press release from the most directly
comparable GAAP financial measure.
|
|
|
Nine Months Ended September 30,
2024 Financial Highlights
- Net revenue of $1,011.7 million,
a 1% increase year-over-year
- Gross profit of $481.9 million
and gross margin of 48%
- Adjusted gross profit(1) of $485.8 million and adjusted gross
margin(1) of 48%
- Operating cash flow from continuing operations of $118.6 million and free cash flow from continuing
operations of $53.0 million
- Net loss attributable to Curaleaf Holdings, Inc. of
$144 million from continuing
operations or net loss per share from continuing operations of
$0.20
- Adjusted EBITDA(1) of $225.0
million and adjusted EBITDA margin of 22%
Third Quarter 2024 Operational Highlights
- In New York, opened two new
dispensaries in Rochester and
Syracuse and expanded adult-use
sales in two existing stores.
- Commenced adult-use sales in Ohio to wholesale customers and at our two
retail dispensaries in Newark and
Cuyahoga Falls.
- In Florida, opened two new
dispensaries in Pensacola and
Destin, bringing the total to 150
U.S. retail stores at quarter end.
- Launched JAMS Remix, a new line of flavor-forward jellies in
New York, Arizona, Illinois, Connecticut, and Massachusetts.
Post Third Quarter 2024 Operational Highlights
- In Florida, opened two new
dispensaries in Port St. Lucie and
Miami, bringing the state total to
66 retail stores and the U.S. total to 151 U.S. retail stores.
- Successfully introduced Curaleaf flower into the German
market.
- Rebranded our three Nevada
stores to Curaleaf stores.
- Secured a $40 million revolving
credit facility with a major commercial regional bank at a 7.99%
interest rate that matures December 15,
2026, a milestone for a cannabis company.
Third Quarter 2024 Revenues, net by Segment
|
Domestic
|
|
International
|
|
Total
|
|
Retail
revenue
|
$
243,253
|
|
$
9,997
|
|
$
253,250
|
|
Wholesale
revenue
|
57,199
|
|
18,484
|
|
$
75,683
|
|
Other
|
504
|
|
1,093
|
|
$
1,597
|
|
Total revenues,
net
|
$
300,956
|
|
$
29,574
|
|
$
330,530
|
Balance Sheet and Cash Flow
As of September 30, 2024, the Company had $90.0
million of cash and $557.4 million of outstanding debt net of
unamortized debt discounts.
During the nine months ended September 30, 2024, Curaleaf
invested $65.6 million, net in
capital expenditures, focused on cultivation, automation, and
selective retail expansion in strategic markets.
Shares Outstanding
For the third quarter of 2024 and 2023, the Company's weighted
average Subordinate Voting Shares plus Multiple Voting Shares
outstanding amounted to 742,535,355 and 725,319,477 shares,
respectively.
Conference Call Information
The Company will host a conference call and audio webcast for
investors and analysts on Wednesday, November 6, 2024 at
5:00 P.M. ET to discuss Q3 2024
earnings results. The call can be accessed by dialing
1-844-512-2926 in the U.S., Canada
1-416-639-5883, or internationally from 1-412-317-6300. The
conference pin # is 1873022.
A replay of the conference call can be accessed at
1-877-344-7529 in the U.S., Canada
1-855-669-9658, or internationally from 1-412-317-0088, using the
replay pin # 4809848.
A webcast of the call can be accessed on the investor relations
section of the Curaleaf website at ir.curaleaf.com. The
teleconference will be available for replay starting at
approximately 7:00 P.M. ET on
November 6, 2024 and will end at 11:59
P.M. ET on November 13,
2024.
Non-GAAP Financial and Performance Measures
Curaleaf reports its financial results in accordance with GAAP
and uses a number of financial measures and ratios when assessing
its results and measuring overall performance. Some of these
financial measures and ratios are not calculated in accordance with
GAAP. Curaleaf refers to certain non-GAAP financial measures and
ratios, such as "adjusted gross profit", "adjusted gross margin",
"adjusted EBITDA", "adjusted EBITDA margin" and "Free cash flow
from operations". These measures do not have any standardized
meaning prescribed by GAAP and may not be comparable to similar
measures presented by other issuers. The Company defines "adjusted
gross profit" as gross profit net of cost of goods sold and related
other add-backs. "Adjusted gross margin" is defined by Curaleaf as
adjusted gross profit divided by total revenues. "Adjusted EBITDA"
is defined by Curaleaf as earnings before interest, taxes,
depreciation and amortization less share-based compensation expense
and other add-backs related to business development, acquisition,
financing and reorganization costs. "Adjusted EBITDA margin" is
defined by Curaleaf as adjusted EBITDA divided by total revenue.
"Free cash flow from operations" is defined by Curaleaf as Net cash
provided by operating activities from continuing operations less
the Purchases of property, plant and equipment (i.e. net capital
expenditures). 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 GAAP, they should not be
considered in isolation of, or as a substitute for, our reported
GAAP financial results as indicators of our performance, and they
may not be comparable to similarly named measures from other
companies. The tables below provide reconciliations of Non-GAAP
measures to the most directly comparable GAAP measures.
|
Reconciliation of
Non-GAAP financial measures
|
|
Adjusted Gross
Profit from Continuing Operations (Unaudited)
|
|
($
thousands)
|
|
Three Months
Ended
|
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
Gross profit from
continuing operations
|
$
160,516
|
|
$
160,465
|
|
$
150,052
|
|
Other
add-backs(1)
|
772
|
|
2,662
|
|
2,121
|
|
Adjusted gross profit
from continuing operations(2)
|
$
161,288
|
|
$
163,127
|
|
$
152,173
|
|
Adjusted gross profit
margin from continuing operations(2)
|
49 %
|
|
48 %
|
|
46 %
|
|
|
|
|
|
|
|
(1) Other
add-backs in Q3 2024 primarily include labor and overhead
write-downs primarily associated with idling capacity.
|
|
(2)
Represents a Non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Gross profit from continuing
operations, the most comparable GAAP measure, to Adjusted gross
profit from continuing operations, a non-GAAP measure.
|
Gross profit from continuing operations was $160.5 million in the third quarter of 2024,
compared with $150.1 million in the
prior year period. Adjusted gross profit from continuing operations
for the third quarter of 2024 was $161.3
million compared with $152.2
million in the third quarter of 2023. Adjusted gross profit
margin from continuing operations for the third quarter of 2024 was
49%, an increase of 312 basis points compared with the third
quarter of 2023. The year-over-year increase in adjusted gross
profit margin was due to lower production costs, an increase in
vertical mix and higher utilization, partially offset by price
compression and discounts.
|
Nine months ended
September 30,
|
|
2024
|
|
2023
|
|
Gross profit from
continuing operations
|
$
481,885
|
|
$
458,257
|
|
Other
add-backs(1)
|
3,945
|
|
6,434
|
|
Adjusted gross profit
from continuing operations(2)
|
$
485,830
|
|
$
464,691
|
|
Adjusted gross profit
margin from continuing operations(2)
|
48 %
|
|
46 %
|
|
|
|
|
|
(1) Other
add-backs for the nine months ended September 30, 2024 primarily
include inventory and labor write-downs primarily associated with
idling capacity.
|
|
(2)
Represents a Non-GAAP measure or Non-GAAP ratio. See preceding
"Non-GAAP Financial and Performance Measures" section for
definitions and more information regarding Curaleaf's use of
Non-GAAP financial measures and Non-GAAP ratios. The table above
provides a reconciliation of Gross profit from continuing
operations, the most comparable GAAP measure, to Adjusted gross
profit from continuing operations, a non-GAAP measure.
|
Gross profit from continuing operations was $481.9 million in the nine months ended
September 30, 2024, compared with $458.3 million in the nine months
ended September 30, 2023. Adjusted gross profit from
continuing operations for the nine months
ended September 30, 2024 was $485.8 million compared with $464.7 million in the nine months
ended September 30, 2023. Adjusted gross profit margin
from continuing operations for the nine months ended
September 30, 2024 was 48%, an increase of 160 basis points
compared with the nine months ended September 30,
2023.
|
Adjusted EBITDA
(Unaudited)
|
|
|
($
thousands)
|
|
Three Months
Ended
|
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
Net loss
|
$
(42,728)
|
|
$
(49,830)
|
|
$
(93,729)
|
|
Net income (loss) from
discontinued operations
|
1,620
|
|
(1,277)
|
|
(25,915)
|
|
Net loss from
continuing operations
|
(44,348)
|
|
(48,553)
|
|
(67,814)
|
|
Interest expense,
net
|
25,097
|
|
24,810
|
|
23,581
|
|
Provision for income
taxes
|
32,566
|
|
31,391
|
|
31,860
|
|
Depreciation and
amortization(1)
|
54,612
|
|
52,272
|
|
45,804
|
|
Share-based
compensation
|
6,017
|
|
6,843
|
|
6,222
|
|
Loss on
impairment
|
642
|
|
1,774
|
|
24,790
|
|
Other (income) expense,
net
|
(4,728)
|
|
(1,908)
|
|
2,796
|
|
Other
add-backs(2)
|
5,435
|
|
6,334
|
|
8,018
|
|
Adjusted
EBITDA(3)
|
$
75,293
|
|
$
72,963
|
|
$
75,257
|
|
Adjusted EBITDA
Margin(3)
|
23 %
|
|
21 %
|
|
23 %
|
|
|
|
|
|
|
|
(1)
Depreciation and amortization expense include amounts charged to
Cost of goods sold on the statement of operations.
|
|
(2) Other
add-backs in Q3 2024 primarily include costs related to salaries
and benefits, legal and professional fees and lobbyist/PR
spend.
|
|
(3)
Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" below for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net loss, the most comparable GAAP measure to Adjusted EBITDA, a
non-GAAP measure.
|
Adjusted EBITDA held steady at $75.3
million for the third quarter of 2024 and 2023, and Adjusted
EBITDA margin remained flat at 23%.
|
Nine months ended
September 30,
|
|
2024
|
|
2023
|
|
Net loss
|
$
(143,534)
|
|
$
(224,690)
|
|
Net income (loss) from
discontinued operations
|
910
|
|
(46,410)
|
|
Net loss from
continuing operations
|
(144,444)
|
|
(178,280)
|
|
Interest expense,
net
|
75,669
|
|
71,935
|
|
Provision for income
taxes
|
104,046
|
|
114,540
|
|
Depreciation and
amortization(1)
|
158,343
|
|
144,497
|
|
Share-based
compensation
|
20,369
|
|
14,178
|
|
(Gain) loss on
impairment
|
(1,543)
|
|
24,790
|
|
Other income,
net
|
(4,250)
|
|
(4,070)
|
|
Other
add-backs(2)
|
16,809
|
|
35,422
|
|
Adjusted
EBITDA(3)
|
$
224,999
|
|
$
223,012
|
|
Adjusted EBITDA
Margin(3)
|
22 %
|
|
22 %
|
|
|
|
|
|
(1)
Depreciation and amortization expense include amounts charged to
Cost of goods sold on the statement of operations.
|
|
(2) Other
add-backs in the current nine months ended primarily include costs
related to salaries and benefits, inventory, legal and professional
fees and lobbyist/PR spend.
|
|
(3)
Represents a non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" below for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net loss, the most comparable GAAP measure, to Adjusted EBITDA, a
non-GAAP measure.
|
Adjusted EBITDA was $225 million in the nine months
ended September 30, 2024, compared with $223 million
in the prior year period, and Adjusted EBITDA margin remained flat
at 22%.
|
Free Cash Flow
(Unaudited)
|
|
($
thousands)
|
|
|
Nine months ended
September 30, 2024
|
|
Net cash provided by
operating activities from continuing operations
|
$
118,585
|
|
Less: Capital
expenditures
|
(65,558)
|
|
Free cash flow from
continuing operations(1)
|
$
53,027
|
|
|
|
(1)
Represents a Non-GAAP measure or Non-GAAP ratio. See "Non-GAAP
Financial and Performance Measures" above for definitions and more
information regarding Curaleaf's use of Non-GAAP financial measures
and Non-GAAP ratios. The table above provides a reconciliation of
Net cash provided by operating activities from continuing
operations, a GAAP measure, to Free cash flow from continuing
operations, a non-GAAP measure.
|
|
Condensed Interim
Consolidated Balance Sheets (Unaudited)
|
|
|
($
thousands)
|
As of
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Unaudited
|
|
Audited
|
|
Assets
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
$
89,968
|
|
$
91,818
|
|
Other current
assets
|
332,250
|
|
326,785
|
|
Property, plant and
equipment, net
|
596,742
|
|
571,627
|
|
Right-of-use assets,
finance lease, net
|
132,974
|
|
143,203
|
|
Right-of-use assets,
operating lease, net
|
116,818
|
|
118,435
|
|
Intangible assets,
net
|
1,126,917
|
|
1,172,445
|
|
Goodwill
|
634,617
|
|
626,628
|
|
Other long-term
assets
|
44,296
|
|
45,635
|
|
Total
assets
|
$
3,074,582
|
|
$
3,096,576
|
|
|
|
|
|
Liabilities,
Temporary equity and Shareholders' equity
|
|
|
|
|
Total current
liabilities
|
$
379,259
|
|
$
494,034
|
|
Total long-term
liabilities
|
1,610,664
|
|
1,431,250
|
|
Total shareholders'
equity
|
958,923
|
|
1,050,642
|
|
Redeemable
non-controlling interest contingency
|
125,736
|
|
120,650
|
|
Total liabilities,
temporary equity and shareholders' equity
|
$
3,074,582
|
|
$
3,096,576
|
|
Condensed Interim
Consolidated Statements of Operations (Unaudited)
|
|
($ thousands, except
for share and per share amounts)
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues,
net:
|
|
|
|
|
|
|
|
|
Retail and wholesale
revenues
|
$
328,933
|
|
$
331,796
|
|
$ 1,007,348
|
|
$
997,100
|
|
Management fee
income
|
1,597
|
|
1,376
|
|
4,400
|
|
4,263
|
|
Total revenues,
net
|
330,530
|
|
333,172
|
|
1,011,748
|
|
1,001,363
|
|
Cost of goods
sold
|
170,014
|
|
183,120
|
|
529,863
|
|
543,106
|
|
Gross profit
|
160,516
|
|
150,052
|
|
481,885
|
|
458,257
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
106,297
|
|
97,120
|
|
320,196
|
|
316,315
|
|
Share-based
compensation
|
6,017
|
|
6,222
|
|
20,369
|
|
14,178
|
|
Depreciation and
amortization
|
38,973
|
|
31,497
|
|
111,842
|
|
98,849
|
|
Total operating
expenses
|
151,287
|
|
134,839
|
|
452,407
|
|
429,342
|
|
Income from
operations
|
9,229
|
|
15,213
|
|
29,478
|
|
28,915
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
274
|
|
—
|
|
601
|
|
23
|
|
Interest
expense
|
(15,085)
|
|
(13,078)
|
|
(45,240)
|
|
(40,128)
|
|
Interest expense
related to lease liabilities and financial
obligations
|
(10,286)
|
|
(10,503)
|
|
(31,030)
|
|
(31,830)
|
|
Gain (loss) on
impairment
|
(642)
|
|
(24,790)
|
|
1,543
|
|
(24,790)
|
|
Other income
(expense), net
|
4,728
|
|
(2,796)
|
|
4,250
|
|
4,070
|
|
Total other expense,
net
|
(21,011)
|
|
(51,167)
|
|
(69,876)
|
|
(92,655)
|
|
Loss before provision
for income taxes
|
(11,782)
|
|
(35,954)
|
|
(40,398)
|
|
(63,740)
|
|
Provision for income
taxes
|
(32,566)
|
|
(31,860)
|
|
(104,046)
|
|
(114,540)
|
|
Net loss from
continuing operations
|
(44,348)
|
|
(67,814)
|
|
(144,444)
|
|
(178,280)
|
|
Net income (loss) from
discontinued operations
|
1,620
|
|
(25,915)
|
|
910
|
|
(46,410)
|
|
Net loss
|
(42,728)
|
|
(93,729)
|
|
(143,534)
|
|
(224,690)
|
|
Less: Net loss
attributable to non-controlling interest
|
(2,032)
|
|
(1,382)
|
|
(5,674)
|
|
(6,721)
|
|
Net loss attributable
to Curaleaf Holdings, Inc.
|
$
(40,696)
|
|
$
(92,347)
|
|
$ (137,860)
|
|
$ (217,969)
|
|
|
|
|
|
|
|
|
|
Per share from
continuing operations – basic:
|
|
|
|
|
|
|
|
|
Net loss per share from
continuing operations, net of loss per
share attributable to non-controlling interest
|
$
(0.07)
|
|
$
(0.09)
|
|
$
(0.20)
|
|
$
(0.24)
|
|
Net income (loss) per
share from discontinued operations, net of
income (loss) per share attributable to non-controlling
interest
|
—
|
|
(0.04)
|
|
—
|
|
(0.06)
|
|
Net loss per share
attributable to Curaleaf Holdings, Inc. – basic
and diluted
|
$
(0.07)
|
|
$
(0.13)
|
|
$
(0.20)
|
|
$
(0.30)
|
|
Weighted average common
shares outstanding – basic and
diluted
|
742,535,355
|
|
725,319,477
|
|
739,833,334
|
|
721,206,068
|
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf")
is a leading international provider of consumer products in
cannabis with a mission to enhance 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, JAMS, Find,
The Hemp Company and Zero Proof provide industry-leading service,
product selection and accessibility across the medical and adult
use markets. Curaleaf International is the largest vertically
integrated cannabis company in Europe with a unique supply and distribution
network throughout the European market, bringing together
pioneering science and research with cutting-edge cultivation,
extraction and production. Curaleaf is listed on the Toronto Stock
Exchange under the symbol CURA and trades on the OTCQX market under
the symbol CURLF. For more information, please visit
https://ir.curaleaf.com.
Curaleaf IR X Account: https://x.com/Curaleaf_IR
Investor Relations Website: https://ir.curaleaf.com/
Contact Information:
Investor Contact:
Curaleaf Holdings,
Inc.
Camilo Lyon, Chief Investment
Officer
ir@curaleaf.com
Media Contact:
Curaleaf Holdings,
Inc.
Jordon Rahmil, VP Public Relations
media@curaleaf.com
Disclaimer
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian
securities laws and United States
securities laws (collectively, "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. 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 benefits of recent or future acquisitions, rebranding and
product offering expansion, as well as future operating results and
economic performance are forward-looking statements. 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: risks and
uncertainties related to the legality of cannabis in the U.S.,
including the fact that cannabis is a controlled substance under
the United States Federal Controlled Substances Act; anti-money
laundering laws and regulations; the lack of access to U.S.
bankruptcy protections; financing risks, including risks related to
additional financing and restricted access to banking; general
regulatory and legal risks, including the potential constraints on
the Company's ability to expand its business in the U.S. by virtue
of the restrictions of the TSX following the TSX listing; risk of
legal, regulatory or political change; general regulatory and
licensing risks; limitation on ownership of licenses; risks
relating to regulatory action and approvals from the U.S. Food and
Drug Administration ("FDA"); the fact that cannabis may become
subject to increased regulation by the FDA; potential heightened
scrutiny by regulatory authorities following the TSX listing; loss
of foreign private issuer status; risks related to internal
controls over financial reporting; litigation risks; increased
costs as a result of being a public company in Canada and the U.S.; recent and proposed
legislation in respect of U.S. cannabis licensing; environmental
risks, including risks related to environmental regulation and
unknown environmental risks; general business risks including risks
related to the Company's expansion into foreign jurisdictions;
future acquisitions or dispositions; service providers;
enforceability of contracts; the ability of our shareholders to
resell their subordinate voting shares on the Toronto Stock
Exchange; the Company's reliance on senior management and key
personnel, and the Company's ability to recruit and retain such
senior management and key personnel; competition risks; risks
inherent in an agricultural business; unfavorable publicity or
consumer perception; product liability; product recalls; the
results of future clinical research; dependence on suppliers;
reliance on inputs; risks related to limited market data and
difficulty to forecast; intellectual property risks; constraints on
marketing products; fraudulent or illegal activity by employees,
consultants and contractors; increased labor costs based on union
activity; information technology systems and cyber-attacks;
security breaches; the Company's reliance on management services
agreements with subsidiaries and affiliates; website accessibility;
high bonding and insurance coverage; risks of leverage; management
of the Company's growth; the fact that past performance may not be
indicative of future results and that financial projections may
prove materially inaccurate or incorrect; risks related to
conflicts of interests; challenging global economic conditions;
currency fluctuations; risks related to the Company's business
structure and securities; including the status of the Company as a
holding company; no dividend record; risks related to the senior
secured notes of the Company; concentrated voting control; risks
related to the sale of a substantial amount of the Company's
subordinate voting shares; the volatility of the market price for
the subordinate voting shares; liquidity risks associated with an
investment in the subordinate voting shares; risks associated with
securities or industry analysts not publishing or ceasing to
publish research or reports or publishing misleading information
about the Company; the potentially limited market for the
subordinate voting shares for holders of the Company's securities
who live in the U.S.; shareholders having little to no rights to
participate in the Company's business affairs; enforcement against
directors and officers outside of Canada may prove difficult; and tax risks; as
well as those risk factors discussed under "Risk Factors" in the
Company's Annual Information Form dated March 6, 2024 for the fiscal year ended
December 31, 2023, and additional risks described in the
Company's Annual Management's Discussion and Analysis for the year
ended December 31, 2023 (both of which documents have been
filed on the Company's SEDAR+ profile at www.sedarplus.ca and on
its EDGAR profile at www.sec.gov/edgar/html), 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. 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.
Neither the Toronto Stock Exchange nor its Regulation Service
Provider has reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this press release.
View original
content:https://www.prnewswire.com/news-releases/curaleaf-reports-third-quarter-2024-results-302297985.html
SOURCE Curaleaf Holdings, Inc.