Curaleaf Announces Closure of Operations in California, Colorado and Oregon

About this update from Curaleaf Holdings, Inc.

[{"type":"text","content":"\n \n \n \n Curaleaf Announces Closure of Operations in California, Colorado and Oregon\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Proactive Exit Will Generate Additional Cash and Improve Margins in Non-SAFE Banking Environment\n \n \n \n \n 2023 Free Cash Flow Expected to Exceed\n \n $125 Million\n \n \n \n \n \n \n NEW YORK\n \n \n ,\n \n \n Jan. 26, 2023\n \n \n /CNW/ --\n \n Curaleaf Holdings, Inc.\n \n (CSE: CURA) (OTCQX: CURLF) (\"Curaleaf\" or the \"Company\"), a leading international provider of consumer cannabis products, today announced the proactive closure of the majority of its operations in\n \n California\n \n ,\n \n Colorado\n \n and\n \n Oregon\n \n , beginning this month, as part of its continued effort to streamline its business. Additionally, in an effort to further optimize operations and reduce costs, the Company will consolidate cultivation and processing operations in\n \n Massachusetts\n \n to a single facility in\n \n Webster\n \n , resulting in the closure of its\n \n Amesbury\n \n facility. Curaleaf expects to record non-cash restructuring and impairment charges that it will detail on its fourth quarter earnings call in March.\n \n \n Concurrent with these actions, the Company has reduced its payroll by 10% which, when coupled with other cost savings initiatives, it expects to realize\n \n $60M\n \n in gross run-rate expense savings in 2023, exceeding its initial savings target by 50%.\n \n \n The Company will exit production and cultivation facilities in\n \n California\n \n ,\n \n Colorado\n \n and\n \n Oregon\n \n . While these states have contributed to the growth of Select and other Curaleaf wholesale brands, the Company acknowledges the difficult operating environment in these investment states and will instead place a laser focus on cash generation in its core revenue-driving markets moving forward.\n \n \n Curaleaf began aggressive cost-cutting measures in these states in 2022 through facility closures and reductions in workforce. These adjustments were ...

More updates from Curaleaf Holdings, Inc.