Curaleaf’s Strategic Move To Attract Deeper-Pocketed Investors, Internal Reorganization Sets Stage For TSX Listing
Curaleaf Holdings, Inc. announced an internal reorganization of its U.S. operations, related to receiving a conditional approval of the Toronto Stock Exchange to list the company's subordinate voting shares on the TSX. The company's wholly-owned subsidiary entered into a subscription agreement with a third-party investor that is not affiliated with the company, Curaleaf USA, or the control person of the company, under which Curaleaf USA issued to the investor one share of Class A voting and non-participating common stock, for an aggregate subscription amount of $1 million. Curaleaf's uplisting to TSX means gaining access to deeper-pocketed investors, a possibility previously hindered due to U.S. federal illegality, which makes the Nasdaq and NYSE nonviable options. Moreover, Curaleaf will join multi-state operator TerrAscend Corp., which is doing business in Canada and the US - and has already secured a listing on TSX this summer.
