Curaleaf Cannabis Co. Aligns With US Markets Through Major Shareholder-Approved Changes

Shareholders of Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) gave the green light to a series of corporate initiatives at its annual meeting held this past Monday via live webcast online.

The cannabis giant secured approval for governance and corporate restructuring proposals, including moving its legal domicile to Delaware and modifying the terms of its multiple-voting share structure, according to a press release.

The relocation of the company’s corporate domicile from British Columbia to Delaware received 99.93% shareholder support, while the elimination of the automatic conversion feature attached to its multiple-voting shares, if the company’s subordinate voting shares are listed on major U.S. exchanges such as NASDAQ or NYSE, was approved by 97.01% of votes cast. Both moves further align the company with U.S. capital markets.

In addition, Curaleaf’s shareholders approved a stock option exchange program, under which up to 10.07 million outstanding stock options with exercise prices or performance targets tied to a share price of $5.00 or higher may be exchanged for restricted share units (RSUs) under the company’s incentive plan.

Moreover, at the meeting, all seven nominees listed in the circular were elected as directors of the company, including Michelle Bodner, Faith Charles, Torsten Greif, Karl Johansson, Boris Jordan, Joseph Lusardi and Shasheen Shah.

The Background

Curaleaf wrapped up the purchase of the remaining 45% stake in Four 20 Pharma in May, making it a wholly owned subsidiary. That deal boosted the company’s position in the German medical cannabis market by giving it greater control over EU-GMP-certified production and distribution.

For the first quarter of fiscal 2025, the company reported that international revenue grew 35% year-over-year, with management highlighting Europe, including Germany, the UK and Poland as a major growth driver. The company also recently announced the completion of a $500 million senior secured notes financing. It used the proceeds to refinance existing debt.