Mr. Daniel Foley reports

CURALEAF HOLDINGS ANNOUNCES CLOSING OF C$34.06 MILLION PRIVATE PLACEMENT OF SUBORDINATE VOTING SHARES

Curaleaf Holdings Inc. has closed its private placement offering previously announced on July 2, 2020. Pricing of the initial tranche of the offering was set on July 2, 2020. Under the initial tranche, subscribers purchased an aggregate of 3,541,429 subordinate voting shares of the company at a price of $7.70 per subordinate voting share for aggregate gross proceeds of approximately $27,269,003. Subsequent to setting the initial tranche, the company secured a second tranche investment, which is part of the offering closing today. Under the second tranche, a subscriber purchased 842,269 subordinate voting shares at a price of $8.058 per subordinate voting share for gross proceeds of approximately $6,787,003.

In aggregate, the offering generates approximately $34,056,007 in gross proceeds for the company in exchange for 4,383,698 subordinate voting shares at an average price of approximately $7.77 per subordinate voting share.

Joseph Lusardi, chief executive officer of Curaleaf, stated, "Our successful completion of this private placement further strengthens Curaleaf's balance sheet and provides additional flexibility to support our future expansion initiatives as we look to extend our leadership position in the fast-growing U.S. cannabis market."

The offering was conducted in connection with the anticipated closing of the proposed and pending acquisition of GR Companies Inc. dba Grassroots. Net proceeds of the offering are intended to be used to fianace Grassroots' high-return expansion projects and replenish its working capital as well as for general corporate purposes.

Canaccord Genuity Corp. acted as sole bookrunner and agent in respect of the offering on a marketed, best efforts private placement basis.

About Curaleaf Holdings Inc.

Curaleaf Holdings is a leading vertically integrated multistate cannabis operator with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the company and its brands, Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. The company currently operates in 18 states with 57 dispensaries, 15 cultivation sites and 24 processing sites. Curaleaf employs over 2,200 people across the U.S.

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