WAKEFIELD, Mass. – Curaleaf Holdings, Inc. (CSE: CURA / OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading vertically integrated cannabis operator in the United States, today announced that all shareholders holding individually more than 1% of Curaleaf’s shares outstanding and all Cura Partners, Inc. (“Select”) shareholders have agreed to an amended lock-up agreement in connection with the anticipated closing of Curaleaf’s acquisition of Select (the “acquisition”). After closing, approximately 62% or 326.7 million of the Company’s outstanding shares will be subject to the extended lock-up agreements.
As previously announced, the Company’s largest shareholders and the Select shareholders agreed to a lock-up release schedule that provided for a quarterly release of 15% of each participant’s shares. The revised lock-up agreement provides that after the close of the acquisition only 5% of each participant’s holding will be released on the last day of each calendar quarter starting with March 31, 2020.
Executive Chairman Boris Jordan commented, “The amended and extended lock-up agreement signifies the continued support of our shareholders and their confidence in Curaleaf. The revised lock-up ensures the orderly increase in the Company’s freely traded shares and further reduces uncertainty regarding the release of shares. Moreover, the largest shareholders holding 71% of the currently outstanding shares have not disposed of their holdings and confirm their current intent to hold their shares despite the partial release from lock-up.”
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 52 dispensaries, 14 cultivation sites and 14 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as in the CBD category through its Curaleaf Hemp brand.