Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or “the Company”), a leading vertically integrated cannabis operator in the United States, today announced that its core shareholders representing approximately 75% of the issued and outstanding shares of the Company have entered into an amended and extended lock-up agreement. Since the Company’s reverse takeover transaction in October 2018, all shareholders holding individually more than 1% of the issued and outstanding shares have been subject to lock-up agreements.
The core shareholders have voluntarily agreed to an extended lock-up release schedule, which limits the number of shares released as of today to 15% of previously locked-up shares. Going forward, an additional 15% of the locked-up shares will unlock on the last day of each subsequent calendar quarter, with the final 10% to unlock on March 31, 2021.
Executive Chairman Boris Jordan commented, “The extension of the lock up agreements by Curaleaf’s core shareholders signals their ongoing support for the Company. We expect the new lock-up release schedule to reduce uncertainty regarding the release of currently locked-up shares and provide for a more orderly increase in the available float in the Company’s shares. Nevertheless, the core shareholders have all expressed their current intention not to sell any shares despite the partial release from lock up. As announced on October 3, I myself recently increased my shareholding.”
About Curaleaf Holdings
Headquartered in Wakefield, Massachusetts, Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is the 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 49 dispensaries, 14 cultivation sites and 13 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.