Curaleaf Secures Landmark $100 Million Credit Facility, Bolstering Cannabis Sector Access to Capital
STAMFORD, Conn. – October 14, 2025 – Curaleaf Holdings, Inc., a leading international provider of consumer cannabis products, today announced a significant expansion of its revolving credit facility with Needham Bank, increasing its borrowing capacity to $100 million. This move, which extends the potential maturity to up to five years, is being hailed as the largest revolving credit facility in the U.S. cannabis sector to date and a crucial development for broader institutional lending access within the industry.
The amended and restated credit agreement between Curaleaf and Needham Bank builds upon a previous $40 million facility, more than doubling its available capital. This substantial increase is strategically intended to bolster Curaleaf’s financial flexibility, allowing it to pay down approximately $50 million of higher-interest acquisition-related debt. Concurrently, the company aims to preserve liquidity for essential working capital needs and to support future growth initiatives.
A Landmark Transaction for Cannabis Finance
Industry analysts and Curaleaf executives alike are emphasizing the significance of this transaction. Boris Jordan, Chairman and CEO of Curaleaf, expressed pride in the team’s achievement, stating, “Not only does this increased credit line provide us greater flexibility to execute our strategic plan but also demonstrates the confidence Needham has in our long-term objectives.”
Ed Kremer, CFO of Curaleaf, echoed these sentiments, describing the deal as a “first of-its-kind transaction of this scale in the cannabis industry.” He added, “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.” The agreement is seen as a testament to Needham Bank’s strong conviction in Curaleaf’s business and future prospects.
Needham Bank’s Growing Role in Cannabis
Needham Bank has been actively positioning itself as a key financial partner for the cannabis industry. With over 130 years of operation, the bank offers a range of sophisticated banking services tailored to cannabis businesses, including dispensaries, cultivators, wholesalers, and testing labs. These services encompass cash management, construction lending, commercial real estate mortgages, working capital lines of credit, and term loans. The bank’s commitment to the sector is further evidenced by its acquisition of Eastern/Century Bank’s cannabis portfolio in 2022, which brought with it experienced professionals and a deep understanding of the industry’s unique compliance and operational demands.
Context and Industry Trends
The cannabis industry continues to navigate a complex financial landscape characterized by federal prohibition and evolving state-level legalization. Despite these challenges, the U.S. legal cannabis market is projected to reach $45.3 billion in 2025, with continued growth anticipated. However, access to capital remains a critical issue, with venture capital investment showing a significant drop in recent years and many companies carrying substantial debt loads.
In this environment, the expansion of credit facilities like Curaleaf’s with Needham Bank is particularly noteworthy. It highlights a maturing sector where established players are increasingly able to secure larger, more favorable debt financing, a trend that contrasts with earlier years where equity financing dominated and interest rates were considerably higher. This $100 million facility is not only a win for Curaleaf but also serves as a positive indicator for the broader cannabis industry, potentially paving the way for increased institutional lending and more stable financial foundations.
Financial Terms and Future Outlook
The secured revolving credit facility has an initial one-year term with an interest rate of 7.99% on outstanding principal. This rate could potentially step up to 8.99% if Curaleaf refinances its Senior Note due in 2026. The facility’s structure, including the potential extension to five years, provides Curaleaf with enhanced financial agility to pursue its strategic objectives, including operational enhancements and market expansion, in a dynamic and trending industry. The news of this financing follows a series of recent announcements from Curaleaf, including financial result updates and new product launches, indicating active business development across multiple fronts. This strengthened capital position is expected to be instrumental in advancing the company’s growth initiatives during this critical phase of industry transformation.
The cannabis market continues to evolve, with ongoing news and events shaping its trajectory. This latest financial development underscores Curaleaf’s solid standing and its strategic approach to capital management as the industry moves towards greater financial maturity.
