Curaleaf Reports 2nd Quarter 2022 Results.

WAKEFIELD, Mass: 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, 2022. All financial information is provided in U.S. dollars unless otherwise indicated.

Second Quarter 2022 Financial Highlights (Unaudited)

($ thousands)

Three months ended

June 30, 2022

March 31, 2022

June 30, 2021

Total Revenue

$

337,553

$

313,074

$

312,205

Gross profit before impact of biological assets

175,884

154,870

155,238

Gross profit on cannabis sales(1)(2)

174,654

153,617

154,527

Gross margin on cannabis sales(1)(2)

51.9 %

49.3 %

49.6 %

Adjusted EBITDA(1)(2)

86,177

72,945

84,372

Net loss attributable to Curaleaf Holdings Inc.

(28,336)

(19,985)

(4,847)

Net loss per share - basic and diluted

$

(0.04)

$

(0.03)

$

(0.01)

(1)

Represents a Non-IFRS financial measure or Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers.

(2)

See "Non-IFRS Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-IFRS financial measures and Non-IFRS ratios. See the sections entitled "Gross Profit on Cannabis Sales" and "Adjusted EBITDA" below (pg. 5) for reconciliations of Non-IFRS measures to the most directly comparable IFRS measures.

Earnings Call: Monday, August 8, 2022, at 5:00 P.M. ET

Conference ID # is 7759736

Replay ID # is 4470743

U.S. Callers: +1-844-763-8274

U.S. Replay: +1-877-344-7529

International Callers: +1-412-717-9224

International Replay (Toll): +1-412-317-0088

Canadian Callers: +1-416-639-5883

Canadian Replay: +1-855-669-9658

The teleconference will be rebroadcasted starting at 7:00 P.M. ET

on August 8, 2022 and will end at 7:00 P.M. ET on August 15, 2022

Boris Jordan, Executive Chairman of Curaleaf, commented, "Our record breaking second quarter got off to a great start with the launch of adult use in New Jersey and a historic 4/20. We bounced back from earlier headwinds to grow revenue 8%, and AEBITDA 18% sequentially, while continuing to execute on our growth strategy for Europe, a key differentiator for Curaleaf and a significant advantage over our competitors. I am also very pleased to report that thanks to our vertical penetration and operating efficiencies, Adjusted EBITDA margins expanded to 26%. The fundamentals of our business are strong, and our leadership team is moving with speed and discipline, continuing to set-up 2022 as another milestone year."

Matt Darin, Chief Executive Officer of Curaleaf, stated, "In the second quarter we made key adjustments and some bold decisions to focus on operational excellence, innovative products and brands, and leadership talent, and we are already seeing positive results as demonstrated by a 267 bps improvement in gross margin on cannabis sales. This quarter we continued to grow our retail footprint, expand our distribution partnerships and launch innovative new product lines that excite consumers and invigorate the industry. The power of our platform, our products and our people is undeniable, and we are now realizing the impact our long term strategy both in the U.S. and abroad. And with today's announcement of key hires in our Chief Financial Officer, Chief Investment Officer and Chief Strategy Officer, I am more confident than ever that Curaleaf will continue to be the global leader in the cannabis industry."

Second Quarter Operating...