Curaleaf Reports Record Second Quarter 2021 Results

- August 9th, 2021

Second quarter 2021 Revenue of $312 million up 20% sequentially and 166% YoY – Second quarter 2021 Adjusted EBITDA margin of 28% on core U.S. operations, up 400 bps QoQ – Second quarter 2021 Adjusted EBITDA of $84 million up 35% sequentially and 201% YoY – Closed acquisition of EMMAC, Europe’s largest vertically integrated cannabis company WAKEFIELD, Mass. Aug. 9, 2021 PRNewswire — Curaleaf Holdings, Inc. , a …

Second quarter 2021 Revenue (1) of $312 million , up 20% sequentially and 166% YoY

Second quarter 2021 Adjusted EBITDA margin of 28% on core U.S. operations, up 400 bps QoQ

Second quarter 2021 Adjusted EBITDA (1) of $84 million , up 35% sequentially and 201% YoY

Closed acquisition of EMMAC, Europe’s largest vertically integrated cannabis company

WAKEFIELD, Mass. , Aug. 9, 2021 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: 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 second quarter ended June 30, 2021 . All financial information is provided in U.S. dollars unless otherwise indicated.

Second Quarter 2021 Financial Highlights

($ thousands, except per share amounts)

Q2 2021

Q1 2021

% qoq
Change

Q2 2020

% yoy
Change

Total Revenue

$

312,205

$

260,320

20%

$

117,480

166%

Gross profit before impact of biological assets

$

155,238

$

128,467

21%

$

60,636

156%

Gross profit on cannabis sales (1)(2)

$

154,527

$

128,030

21%

$

42,735

262%

Gross margin on cannabis sales (1)(2)

49.6%

49.3%

42.9%

Adjusted EBITDA (1)

$

84,372

$

62,625

35%

$

27,994

201%

Net income (loss) attributable to Curaleaf Holdings Inc.

$

(7,240)

$

(17,211)

$

(2,029)

Net income (loss) per share – basic and diluted

$

(0.01)

$

(0.03)

$

(0.00)

(1)

See “Non-IFRS Financial and Performance Measures” below for more information regarding Curaleaf’s use of Non-IFRS financial measures and other reconciliations.

(2)

Cannabis sales excludes Management Fee Income

Earnings Call: Monday, August 9, 2021, at 5:00 P.M. ET

Conference ID # is 1222509

Replay ID # is 10158196

U.S. Live Call: 1 (888) 317 6003

U.S. Replay: 1 (877) 344 7529

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The teleconference will be available for replay starting at approximately 7:00 P.M. ET

on August 9, 2021 and will end at 7:00 P.M. ET on August 16, 2021

Boris Jordan , Executive Chairman of Curaleaf commented, “July saw the introduction of the most comprehensive cannabis reform ever proposed at the Federal level. Combined with U.S. state-level liberalization and the significant investments we are making in cultivation, production and distribution, Curaleaf is creating a strong foundation for future growth. Nearer-term this includes the expansion of New York , New Jersey and Connecticut from medical to adult-use markets representing a potential new $8 billion annual addressable market opportunity. Longer-term, our acquisition of EMMAC and establishment of Curaleaf International this quarter marks our entry into Greater Europe , with a population of 750 million representing a potential market size twice that of the United States .”

Joe Bayern , Chief Executive Officer of Curaleaf stated, “Curaleaf continues to make excellent progress in terms of executing our U.S. strategy to achieve unrivaled scale and reach, and our record second quarter results reflect this. Our leading positions in cultivation and distribution are driving some of the strongest revenue growth rates in the sector, while our scale and focus on cost efficiency are delivering Adjusted EBITDA margin expansion as promised. Looking ahead, our strategic investments in innovation and technology will deliver processing advantages and consumer-focused product differentiation to fuel our growth into 2022 and the years beyond.”

Second Quarter Highlights

  • Revenue reached $312 million , increasing 20% sequentially and 166% YoY.
  • U.S. operations reported revenue of $307 million , 18% growth QoQ, within our guidance range.
  • Gross margin reached approximately 50%, an increase of 669 basis points YoY, driven by higher yields at existing cultivation facilities and new state-of-the-art facilities coming online.
  • SG&A expense reached $88 million . Excluding Curaleaf International, SG&A expense represented 26.4% of revenue, a sequential improvement of 435 basis points driven by operating efficiencies.
  • Adjusted EBITDA reached $84 million , up 201% YoY, and equivalent to a margin of 27.0%. Excluding Curaleaf International, the margin expanded 400 basis points sequentially to 28.1%.
  • Successfully closed the acquisition of EMMAC, Europe’s largest vertically integrated independent cannabis company, which has formed the foundation of our Curaleaf International business.
  • In May, agreed to acquire Los Suenos, a 66-acre outdoor grow in Colorado .
  • Brought online nearly 250 thousand square feet of flower canopy during the first half of the year, with a further 40 thousand square feet planned for the second half of 2021.
  • Opened five new stores in Illinois , Pennsylvania , New Jersey , and Maine bringing total retail locations to 107.
  • Launched a long-term strategic partnership with Rolling Stone to leverage our Select brand and operating experience in Nevada .

Post Second Quarter Highlights

  • Opened a medical dispensary in Wells, Maine , bringing total retail dispensaries to 108 as of today.
  • Launched B. Noble pre-roll brand partnership in Maryland and Massachusetts .

Financial Results for the Second Quarter Ended June 30, 2021

Total revenue increased by 166% year-over-year to $312 million during the second quarter of 2021, compared to $117 million in the second quarter of 2020. Excluding international operations, total revenue was $307 million .

Revenue

($ thousands)

Q2 2021

Q1 2021

Q2 2020

Retail revenue

$

222,147

$

187,677

$

66,275

Wholesale revenue

89,347

72,206

33,304

Management fee income

711

437

17,901

Total Revenue

$

312,205

$

260,320

$

117,480

During the second quarter we opened five new dispensaries including two in Pennsylvania , one in Illinois , a second location in New Jersey and the first adult-use store in Maine , reaching 107 dispensaries as of quarter end.

Retail revenue reached $222 million , sequential growth of 18.4% and year-over-year growth of 235%. Strong growth in our retail operation was primarily driven by new customer acquisition and an increase in repeat customers. Retail revenue represented 71% of total revenue.

Wholesale revenue grew 23.7% sequentially and 168% year-over-year to reach $89 million and represented 29% of total revenue. Strong growth in our wholesale operation was driven by the addition of new accounts and an increase in sales productivity.

Gross Profit on Cannabis Sales

($ thousands)

Q2 2021

Q1 2021

Q2 2020

Retail and wholesale revenue

$

311,494

$

259,883

$

99,579

Cost of goods sold

156,967

131,853

56,844

Gross profit on cannabis sales

$

154,527

$

128,030

$

42,735

Gross profit was $155 million for the second quarter of 2021, compared to $43 million in the second quarter of 2020. Gross profit margin reached 49.6%, equivalent to a year-over-year increase of 669 basis points. The margin gain was primarily due to increased operating capacity coming online as well as efficiency gains in cultivation and processing.

Net Income / (Loss)

($ thousands)

Q2 2021

Q1 2021

Q2 2020

Total Revenue

$

312,205

$

260,320

$

117,480

Gross profit

184,495

125,462

81,227

Income (Loss) from operations

51,886

20,627

21,691

Total other income (expense), net

(19,026)

(17,893)

(9,993)

Income tax benefit (expense)

(42,624)

(37,843)

(13,534)

Net loss

(9,764)

$

(17,211)

(1,836)

Less: Net income (loss) attributable to non-controlling interest

(2,524)

193

Net loss attributable to Curaleaf Holdings, Inc.

$

(7,240)

(17,211)

$

(2,029)

For the second quarter of 2021, net loss attributable to Curaleaf Holdings, Inc. was $7 million , compared to a net loss of $17 million in the first quarter of 2021. The net result this quarter was impacted by higher stock-based compensation and one-time charges related to the acquisition of EMMAC (now Curaleaf International) as well as earnings dilution from the consolidation of EMMAC, which contributed with a net loss of approximately $8 million .

Adjusted EBITDA

($ thousands)

Q2 2021

Q1 2021

Q2 2020

Net income (loss)

$

(9,764)

$

(17,211)

$

(1,836)

Interest expense, net

21,330

20,623

9,916

Income tax expense

42,624

30,708

13,534

Depreciation and amortization (1)

35,030

30,155

17,869

Share-based compensation

18,370

4,907

4,833

Other (income) expense

(2,304)

(415)

77

Change in fair value of biological assets

(29,257)

(12,347)

(20,591)

One time charges (2)

8,343

6,206

4,192

Adjusted EBITDA

$

84,372

$

62,625

$

27,994

(1)

Depreciation and amortization expense in Q2 2021, Q1 2021, and Q2 2020 include amounts charged to cost of goods sold on the statement of profits and losses.

(2)

One time charges in Q2 2021 include expenses related to the acquisition of EMMAC.

Adjusted EBITDA was a record $84 million for the second quarter of 2021, compared to $28 million for the second quarter of 2020. The year-over-year increase was primarily driven by strong revenue growth and increased operating leverage. Adjusted EBITDA margin expanded 320 basis points year-over-year to reach 27.0%. Excluding Curaleaf International, the margin expanded 400 basis points sequentially and 423 basis points year-over-year to 28.1%.

Balance Sheet and Liquidity

As of June 30, 2021 , the Company had $334 million of cash and $338 million of outstanding debt net of unamortized debt discounts.

Capital Expenditures

During the second quarter of 2021, Curaleaf invested $41.9 million net in capital expenditures, focused on cultivation, processing, and selective retail expansion in strategic markets.

Shares Outstanding

As of June 30, 2021 and March 31, 2021 , our weighted average shares outstanding amounted to 701,668,932 and 682,041,420 shares, respectively.

As of June 30, 2021 and March 31, 2021 , our issued and outstanding SVS and MVS shares amounted to 703,260,526 and 686,409,852 shares, respectively.

Non-IFRS Financial and Performance Measures

In this press release Curaleaf refers to certain non-IFRS financial measures such as “Gross Profit on Cannabis Sales” and “Adjusted EBITDA”. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. The Company defines “Gross Profit on Cannabis Sales” as retail and wholesale revenues less cost of goods sold. “Adjusted EBITDA” is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to business development, acquisition, financing and reorganization costs. 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 IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The following tables provide a reconciliation of each of the non-IFRS measures to its closest IFRS measure.

Consolidated Statements of Financial Position

($ thousands)

June 30,

December 31,

2021

2020

Unaudited

Audited

Assets

Current assets:

Cash

$

333,791

$

73,542

Accounts receivable

49,672

28,830

Inventory, net

304,648

197,991

Biological assets

64,263

46,210

Assets held for sale

31,877

58,504

Prepaid expenses and other current assets

21,282

10,140

Current portion of notes receivable

2,645

Total current assets

805,533

417,862

Deferred tax asset

6,266

5,528

Notes receivable

2,602

2,000

Property, plant and equipment, net

306,573

242,855

Right-of-use assets, net

285,549

267,168

Intangible assets, net

1,116,716

797,401

Goodwill

583,250

470,144

Investments

23,493

16,264

Prepaid acquisition consideration

132,234

Other assets

24,711

35,135

Total assets

$

3,154,693

$

2,386,591

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$

42,957

$

47,043

Accrued expenses

59,672

57,475

Income tax payable

63,384

79,649

Current portion of lease liability

18,312

15,710

Current portion of notes payable

1,706

6,500

Current contingent consideration liability

9,155

Liabilities held for sale

7,077

7,181

Other current liabilities

13,083

6,568

Total current liabilities

215,346

220,126

Deferred tax liability

340,358

226,465

Notes payable

336,452

285,001

Lease Liabilities

293,190

270,495

Non-controlling interest redemption liability

129,066

2,694

Contingent consideration liability

29,106

1,898

Other long term liability

4,098

3,698

Total liabilities

1,347,616

1,010,377

Shareholders’ equity:

Share capital

2,267,167

1,754,412

Treasury shares

(5,208)

(5,208)

Reserves

(239,265)

(177,744)

Accumulated other comprehensive income (deficit)

2,180

Accumulated deficit

(219,098)

(194,645)

Total Curaleaf Holdings, Inc. shareholders’ equity

1,805,776

1,376,815

Redeemable non-controlling interest

(129,066)

(2,694)

Non-controlling interest

130,367

2,093

Total shareholders’ equity

1,807,077

1,376,214

Total liabilities and shareholders’ equity

$

3,154,693

$

2,386,591

Consolidated Statements of Profits and Losses

($ thousands, except for share and per share amounts)

Three Months Ended

June, 30

2021

2020

Unaudited

Unaudited

Revenue:

Retail and wholesale revenue

$

311,494

$

99,579

Management fee income

711

17,901

Total revenue

312,205

117,480

Cost of goods sold

156,967

56,844

Gross profit before impact of biological assets

155,238

60,636

Realized fair value amounts included in inventory sold

(81,803)

(22,423)

Unrealized fair value gain on growth of biological assets

111,060

43,014

Gross profit

184,495

81,227

Operating expenses:

Selling, general and administrative

87,959

40,466

Share-based compensation

18,370

4,833

Depreciation and amortization

26,280

14,237

Total operating expenses

132,609

59,536

Income (Loss) from operations

51,886

21,691

Other income (expense):

Interest income

278

3,573

Interest expense

(12,269)

(11,357)

Interest expense related to lease liabilities

(9,339)

(2,132)

Other income (expense)

2,304

(77)

Total other income (expense), net

(19,026)

(9,993)

Income (Loss) before provision for income taxes

32,860

11,698

Income tax benefit (expense)

(42,624)

(13,534)

Net loss

(9,764)

(1,836)

Less: Net income (loss) attributable to non-controlling interest

(2,524)

193

Net loss attributable to Curaleaf Holdings, Inc.

$

(7,240)

$

(2,029)

Loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted

$

(0.01)

$

(0.00)

Weighted average common shares outstanding – basic and diluted

701,668,932

533,192,806

Consolidated Statements of Profits and Losses

($ thousands, except for share and per share amounts)

Six Months Ended

June, 30

2021

2020

Unaudited

Unaudited

Revenue:

Retail and wholesale revenue

$

571,377

$

176,635

Management fee income

1,148

37,342

Total revenue

572,525

213,977

Cost of goods sold

288,820

100,856

Gross profit before impact of biological assets

283,705

113,121

Realized fair value amounts included in inventory sold

(150,717)

(43,613)

Unrealized fair value gain on growth of biological assets

192,321

79,761

Gross profit

325,309

149,269

Operating expenses:

Selling, general and administrative

168,052

86,324

Share-based compensation

23,277

9,334

Depreciation and amortization

48,392

26,924

Total operating expenses

239,721

122,582

Income (Loss) from operations

85,588

26,687

Other income (expense):

Interest income

366

6,419

Interest expense

(24,420)

(21,849)

Interest expense related to lease liabilities

(17,899)

(4,290)

Other income (expense)

2,719

2,529

Total other income (expense), net

(39,234)

(17,191)

Income (Loss) before provision for income taxes

46,354

9,496

Income tax benefit (expense)

(73,332)

(26,783)

Net loss

(26,978)

(17,287)

Less: Net income (loss) attributable to non-controlling interest

(2,524)

(170)

Net loss attributable to Curaleaf Holdings, Inc.

$

(24,454)

$

(17,117)

Loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted

$

(0.04)

$

(0.03)

Weighted average common shares outstanding – basic and diluted

691,909,375

520,446,921

Consolidated Statements of Cash Flows

($ thousands, except for share and per share amounts)

Six Months Ended

June, 31

2021

2020

Unaudited

Unaudited

Cash flows from operating activities:

Net loss

$

(26,978)

(17,287)

Adjustments to reconcile loss to net cash provided (used) in operating activities:

Depreciation and amortization

65,037

34,983

Share-based compensation

23,277

10,852

Non-cash interest expense

19,477

5,633

Unrealized gain on changes in fair value of biological assets

(192,349)

(79,761)

Realized fair value amounts included in inventory sold

150,717

43,613

(Gain)/loss on sale of property, plant and equipment

(740)

Deferred taxes

8,250

6,503

Accounts receivable

(12,046)

8,522

Biological assets

29,294

26,852

Inventories

(100,800)

(46,197)

Prepaid expenses and other current assets

(13,240)

1,299

Other assets

(1,137)

(1,442)

Accounts payable

(4,516)

4,614

Income taxes payable

(15,377)

21,803

Accrued expenses

(7,996)

1,827

Net cash provided by (used in) operating activities

(79,127)

21,814

Cash flows from investing activities:

Purchases of property, plant and equipment, net

(73,342)

(51,511)

Proceeds from sale of entity

24,884

Payments made on completion on acquisitions

(51,188)

Cash acquired from acquisitions

12,891

Amounts advanced for notes receivable, net of payments received

2,038

(14,100)

Net cash used in investing activities

(33,529)

(116,799)

Cash flows from financing activities:

Proceeds from senior unsecured notes

Cash received from financing agreement

54,599

185,723

Proceeds from sale leaseback

19,947

Debt issuance costs

(681)

Lease liability payments

(25,130)

(11,164)

Proceeds from minority interest investment in Curaleaf International

86,957

Principal payments on notes payable

(6,093)

Exercise of stock options

2,667

879

Issuance of common shares, net of issuance costs

240,569

Net cash provided by financing activities

372,835

175,438

Net change in cash

260,179

80,453

Cash at beginning of period

73,542

42,310

Effect of exchange rate on cash

70

Cash at end of period

$

333,791

$

122,763

About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis 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, including Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States , Curaleaf currently operates in 23 states with 108 dispensaries, 22 cultivation sites and over 30 processing sites, and employs over 5,000 team members. 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 Canadian Securities 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 Twitter Account

https://twitter.com/Curaleaf_IR

Investor Toolkit

https://ir.curaleaf.com/investor-toolkit

Investor Relations Website

https://ir.curaleaf.com/

Contact Information

Investor Contact:

Curaleaf Holdings, Inc.

Carlos Madrazo, SVP Head of IR & Capital Markets

ir@curaleaf.com

Media Contact:

Curaleaf Holdings, Inc.

Tracy Brady, VP of Corporate Communications

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 (“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 and includes, among others, information regarding: its outlook for and expected operating margins, capital allocation, free flow cash and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations and plans; expectations that planned acquisitions will be completed; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. 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: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third-parties; the concentrated voting control of the Company’s Chairman and the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada ; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; as well as those risk factors discussed under “Risk Factors” in the Company’s Annual Management, Discussion and Analysis dated March 11, 2021 , and in the Company’s Annual Information Form dated April 28, 2021 , 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. 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 future operating results and economic performance may make reference to or involve forward-looking statements. 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.

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s prospective results of operations, production and production efficiency, commercialization, revenue and cash on hand, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set second in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about the Company’s future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. The financial information reported in this news release is based on unaudited management prepared financial statements for the quarter ended June 30, 2021 . Accordingly, such financial information may be subject to change. Financial statements for the period will be released and filed under the Company’s profiles on SEDAR at www.sedar.com no later than August 12, 2021 . All financial information contained in this news release is qualified in its entirety with reference to such unaudited financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s unaudited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Cision View original content: https://www.prnewswire.com/news-releases/curaleaf-reports-record-second-quarter-2021-results-301351384.html

SOURCE Curaleaf Holdings, Inc.

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