Curaleaf Announces Private Placement of Subordinate Voting Shares
WAKEFIELD, Mass., July 2, 2020 /CNW/ — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading multi-state cannabis operator in the United States, announces today a private placement of up to C$27,500,000 of subordinate voting shares of the Company (the “Subordinate Voting Shares”) at a price of C$7.70 per Subordinate Voting Share (the “Offering”).
The Offering is being conducted in connection with the anticipated closing of the proposed and pending acquisition of GR Companies, Inc. d/b/a Grassroots. Net proceeds of the Offering are intended to be used to fund Grassroots’s high-return expansion projects, replenish its working capital as well as for general corporate purposes.
Canaccord Genuity Corp. (the “Agent”) is acting as sole bookrunner and agent in respect of the Offering on a marketed, “commercially reasonable efforts” private placement basis.
Closing of the Offering is expected to occur on or about July 16, 2020 (the “Closing Date”). The Subordinate Voting Shares will be offered for sale on a private placement basis in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Subordinate Voting Shares may also be sold (i) in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “US Securities Act”), and (ii) in such jurisdictions outside of Canada and the United States as may be agreed upon by the Agent and the Company, in each case in accordance with all applicable laws.
The securities being offered have not been, nor will they be, registered under the US Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
All securities issued will be subject to a four month hold period under Canadian securities laws. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
About Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the company and its brands, Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. The company currently operates in 18 states with 57 dispensaries, 15 cultivation sites and 24 processing sites. Curaleaf employs over 2,200 people across the United States. For more information please visit www.curaleaf.com.
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