Curaleaf secured a $40 million credit line and reported a $44 million loss for the third quarter.
#Curaleaf Holdings, a leading multistate #cannabis operator, has secured a $40 #million revolving line of #credit from Needham #Bank, a prominent regional institution in #Massachusetts. This facility will be used for general corporate purposes and working #capital , as stated in a recent press release.
Boris #Jordan, the Chair and #CEO , noted that this #creditline offers essential financial flexibility that is often unavailable to the cannabis industry, enabling the company to pursue #growth in a challenging capital-raising environment. He emphasized a #focus on cost-saving measures aimed at achieving profitable growth.
The two-year line of credit #matures on #December 15, 2026, with an interest rate of 7.99%. Curaleaf obtained this #financing following a reported $44 million loss in the third quarter, during which the company generated #revenue of $331 million, marking a 1% decline year-over-year.
Mr. Jordan expressed optimism about potential #federal reforms in the cannabis sector, particularly given #President #DonaldTrump's pro-marijuana stance during his campaign, which may lead to the rescheduling of cannabis and support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
#Curaleaf Holdings, a leading multistate #cannabis operator, has secured a $40 #million revolving line of #credit from Needham #Bank, a prominent regional institution in #Massachusetts. This facility will be used for general corporate purposes and working #capital , as stated in a recent press release.
Boris #Jordan, the Chair and #CEO , noted that this #creditline offers essential financial flexibility that is often unavailable to the cannabis industry, enabling the company to pursue #growth in a challenging capital-raising environment. He emphasized a #focus on cost-saving measures aimed at achieving profitable growth.
The two-year line of credit #matures on #December 15, 2026, with an interest rate of 7.99%. Curaleaf obtained this #financing following a reported $44 million loss in the third quarter, during which the company generated #revenue of $331 million, marking a 1% decline year-over-year.
Mr. Jordan expressed optimism about potential #federal reforms in the cannabis sector, particularly given #President #DonaldTrump's pro-marijuana stance during his campaign, which may lead to the rescheduling of cannabis and support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
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