Curaleaf Upsizes Revolving Credit Facility to $100 Million With Needham Bank
STAMFORD, Conn. — Curaleaf Holdings Inc., one of the world’s leading cannabis companies, announced today that it has amended and expanded its revolving credit facility with Needham Bank, increasing total borrowing capacity from $40 million to $100 million. The new agreement also extends the credit facility’s maturity for up to five years, marking a milestone in cannabis sector financing and signaling growing institutional confidence in Curaleaf’s long-term strategy.
Largest Revolving Credit Facility in U.S. Cannabis
The expanded deal with Needham Bank represents the largest revolving credit facility in the U.S. cannabis industry to date, a significant development in a sector where access to traditional financial markets remains limited due to federal restrictions.
“This first-of-its-kind transaction of this scale in the cannabis industry was backed by the direct support and strong conviction of our lenders in our business and future,” said Ed Kremer, Curaleaf’s Chief Financial Officer. “It represents a significant step toward broader access to capital markets and signals progress toward establishing financial standards in a sector that has historically faced limited institutional participation.”
Kremer added that the company’s strengthened capital position would help advance growth initiatives, enhance operational capabilities, and maintain flexibility as the cannabis industry continues to evolve.
CEO: Facility Demonstrates Confidence in Curaleaf’s Strategy
Boris Jordan, Curaleaf’s Chairman and CEO, praised the company’s team and strategic partners for achieving what he described as a groundbreaking financial milestone.
“I couldn’t be prouder of our team for the focus, discipline, and collaboration that made completing this $100 million facility possible,” Jordan said. “Not only does this increased credit line provide us greater flexibility to execute our strategic plan, but it also demonstrates the confidence Needham has in our long-term objectives.”
Facility Terms and Financial Strategy
The upsized revolving credit facility carries an initial one-year term with an interest rate of 7.99% on outstanding principal. The agreement allows for an extension of up to five years, with the rate increasing to 8.99% if Curaleaf refinances its senior note facility due in 2026.
Curaleaf plans to use the proceeds from the expanded facility to pay down at least $50 million in higher-interest, acquisition-related debt. The move will also leave ample capacity to support the company’s ongoing working capital and operational needs, strengthening its liquidity position as it continues to scale operations across multiple markets.
Expanding Access to Capital in Cannabis
The transaction underscores a broader trend toward greater institutional involvement in cannabis finance, a shift that has long been anticipated by industry observers. Historically, cannabis operators have relied heavily on private equity, sale-leaseback transactions, and high-interest loans due to ongoing federal banking restrictions.
Curaleaf’s successful renegotiation with Needham Bank signals a turning point, illustrating that select financial institutions are becoming increasingly comfortable lending to well-established cannabis companies with strong balance sheets and compliance track records.
“This strengthened capital position will be key to advancing our growth initiatives, enhancing operational capabilities, and preserving financial flexibility during this critical phase of industry transformation,” Kremer said.
A Leader in the Cannabis Industry
Curaleaf Holdings Inc. operates in multiple international markets and remains one of the most recognizable names in cannabis retail, cultivation, and product innovation. The company offers a wide portfolio of consumer cannabis products under brands that include Select, Grassroots, and Curaleaf.
As the legal cannabis industry matures, Curaleaf’s expanded access to credit may pave the way for further financial normalization across the sector, offering a template for future partnerships between cannabis operators and mainstream banks.
The company’s partnership with Needham Bank—known for its progressive approach to cannabis lending—highlights a growing appetite for institutional-grade financial solutions within the space, helping to lay the groundwork for broader market participation once federal reform takes hold.
Looking Ahead
With a robust balance sheet and greater liquidity, Curaleaf is well-positioned to continue its strategic growth initiatives, pursue targeted acquisitions, and optimize its capital structure as the U.S. and global cannabis markets evolve.
The company’s leadership believes that expanding its revolving credit facility not only strengthens its financial footing but also reflects an important milestone for the broader industry—a sign that cannabis businesses are gradually earning the trust and confidence of traditional financial institutions.
As Curaleaf continues to push forward with disciplined growth, this latest development reinforces its reputation as a pioneer in building a sustainable, professionally managed cannabis enterprise with a focus on long-term value creation.
