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Curaleaf Reports Record Fourth Quarter and Fiscal Year End 2020 Financial and Operational Results Record Fiscal Year and Fourth Quarter 2020 Pro Forma Revenue ( 1 ) ( 2 ) of $ 767.1 Million and $ 238.8 Million , Respectively Record Fiscal Year and Fourth Quarter 2020 Managed Revenue ( 1 ) of $ 653.0 Million , up 161 % from 2019 and $ 233.3 Million , up 186 % from 2019 , Respectively Record Fiscal Year and Fourth Quarter 2020 Adjusted EBITDA ( 1 ) of $ 144.1 Million up 456 % from 2019 and $ 53.8 Million up 289 % from 2019 , Respectively , as Operations Across 23 States Continue to Scale Raised $ 289.8 Million of Net Proceeds from a Common Stock Offering and Debt Offering in January 2021 , Providing the Company with Capital to Pursue Additional Organic and Inorganic Growth Opportunities WAKEFIELD , Mass . , March 9 , 2021 / CNW / -- Curaleaf Holdings , Inc. ( CSE : CURA ) ( OTCQX : CURLF ) ( " Curaleaf " or the " Company " ) , a leading U.S. provider of consumer products in cannabis , today reported its financial and operating results for the fourth quarter and year ended December 31 , 2020. All financial information is provided in U.S. dollars unless otherwise indicated . Q4 and FY2020 Financial Highlights ( Unaudited ) ( $ thousands , except per share amounts ) Managed Revenue ( 1 ) Q4 2020 $ 233,339 Q3 2020 $ 193,220 Total Revenue $ 230,253 $ 182,408 Gross profit before impact of biological assets $ 110,595 Gross profit on cannabis sales ( 1 ) $ 109,625 $ 91,775 $ 89,669 Gross margin on cannabis sales ( 1 ) 48 % Adjusted EBITDA ( 1 ) $ 53,784 50 % $ 42,295 27 % Net income ( loss ) attributable to Ouraleaf Holdings Inc. Net income ( loss ) per share - basic and diluted ( $ 35,274 ) ( $ 0.05 ) ( $ 9,343 ) ( $ 0.01 ) % qoq Change Q4 2019 21 % $ 81,667 26 % $ 75,457 21 % $ 39,762 22 % $ 21,986 38 % $ 13,824 ( $ 26,561 ) ( 0.06 ) % yoy Change FY 2020 186 % $ 652,983 205 % $ 626,637 178 % $ 315,489 399 % $ 275,071 FY 2019 $ 250,642 % yoy Change 161 % $ 221,018 184 % $ 118,632 166 % $ 71,471 285 % 289 % 47 % $ 144,080 ( $ 61,735 ) ( 0.11 ) 41 % $ 25,903 456 % ( $ 67,244 ) ( 0.15 ) ( 1 ) See " Non - IFRS Financial and Performance Measures " below for more information regarding Quraleaf's use of Non - IFRS financial measures and other reconciliations . ( 2 ) Fourth Quarter Pro Forma for the period included the revenue from Alternative Therapies Group , Inc. ( " ATG " ) as if the acquisition had occurred on October 1 , 2020 , the revenue of then pending acquisitions of Maryland Compassionate Care and Wellness , LLC ( Grassroots related subsidiary ) as if it occurred on October 1 , 2020 and excluded revenue of the pending asset sales of HMS Health , LLC , HMS Processing , LLC and Town Center Wellness , LLC as if the sales had occurred on October 1 , 2020. Fiscal Year 2020 Pro Forma includes the revenue from Oura Partners , Inc. ( " Select " ) , Arrow Companies ( " Arrow " ) , Remedy Compassion Center , Inc. ( " Remedy " ) , GR Companies , Inc. ( " Grassroots " ) , Virginia's Kitchen , LLC ( " Blue Kudu " ) , Quraleaf NJ , Inc. ( " CLNU " ) , Prime Organic Therapy , Inc. ( " MEOT " ) and ATG as if the acquisitions had occurred on January 1 , 2020 and excluded revenue of the pending asset sales of HMS Health , LLC , HMS Processing , LLC and Town Center Wellness , LLC as if the sales had occurred on January 1 , 2020 . Fourth Quarter Highlights • Record managed revenue of $ 233.3 million , which grew 186 % year - over - year and 21 % sequentially • Record total revenue of $ 230.3 million , which grew 205 % year - over - year and 26 % sequentially • Record adjusted EBITDA of $ 53.8 million , which grew 289 % year - over - year and 27 % sequentially Completed acquisition of Alternative Therapies Group ( " ATG " ) • • Completed divestiture of Curaleaf Maryland's assets for a total consideration of $ 4.0 million • R & D activities drove the launch of 32 new formulated products across form factors during the quarter Full Year Highlights • Record managed revenue of $ 653.0 million , which grew 161 % year - over - year • Record total revenue of $ 626.6 million , which grew 184 % year - over - year • Record adjusted EBITDA of $ 144.1 million , which grew more than four times 2019 levels • • Successfully completed eight acquisitions , including Select , Grassroots , Curaleaf NJ , Arrow , MEOT , Remedy , Blue Kudu and ATG Significantly expanded retail and wholesale operations through both acquisitions and organic growth , growing retail operations from 51 to 96 , cultivation sites from 14 to 23 , and processing sites from 15 to 30 , along with expanding operations from 14 states to 23 states • R & D activities drove the launch of 84 new formulated products across form factors during the year Post Fourth Quarter Highlights • Curaleaf to enter European cannabis market with proposed acquisition of EMMAC Life Sciences Limited , Europe's largest vertically integrated independent cannabis company , making Curaleaf the undisputed global cannabis market leader based on revenue . The transaction is expected to close early in the second quarter of 2021 . • See the additional Curaleaf press release issued today regarding the acquisition of EMMAC Life Sciences Group at : https://ir.curaleaf.com/press-releases • Raised net proceeds of $ 240.6 million in a public offering of 18,975,000 subordinate voting shares and net proceeds of $ 49.2 million from a tack - on to the Company's existing secured credit facility • Opened 5 new stores since December 31 , 2020 in Florida , Pennsylvania and Maine , bringing total retail locations to 101 Joe Bayern , Chief Executive Officer of Curaleaf stated , " Curaleaf's record fourth quarter results reflected the benefit of our acquisition of Grassroots , which expanded our presence into 6 new states , including high - growth markets such as Illinois and Pennsylvania as well as the continued ramp up of Select , which is now in 17 states . In 2021 , we expect to see the positive benefits of the transformative legalization of adult - use cannabis in Arizona and New Jersey . As we have stated , we believe New Jersey will accelerate the potential of future adult - use in key states such as New York , Pennsylvania and Connecticut . Each of these markets present an enormous growth opportunity for us , as Curaleaf is the only MSO with a leading presence in every one of these states . " Boris Jordan , Executive Chairman of Curaleaf commented , " In parallel with the announcement of our record financial results , earlier today Curaleaf issued a separate press release announcing its entrance into the European cannabis market with acquisition of EMMAC Life Sciences Limited , Europe's largest vertically integrated independent cannabis company . This milestone transaction will give Curaleaf a leading presence in key European medical cannabis markets including the United Kingdom , Germany , Italy , Spain , and Portugal , among others . The proposed transaction will provide Curaleaf with access to the European market of 748 million people , representing another transformational growth driver for Curaleaf for years to come . " Mike Carlotti , Chief Financial Officer of Curaleaf , added , " Curaleaf , once again , delivered record quarterly and annual results highlighted by record Managed Revenue , Pro Forma Revenue , and a 27 % sequential improvement in Adjusted EBITDA . With our successful integration of Alternative Therapies Group in