Curaleaf said its board has approved a reverse stock split as it positions itself for a potential listing on a major U.S. stock exchange.
Stamford-based Curaleaf Holdings, a cannabis company with operations in the U.S. and international markets, said its board has approved a 1-for-3 reverse stock split as it positions itself for a potential listing on a major U.S. stock exchange.
The reverse split is expected to take effect around June 5, pending final approvals, reducing Curaleaf’s outstanding subordinate voting shares from about 698.7 million to approximately 232.9 million, according to the company.
Curaleaf said the move is intended to help meet share price requirements for a potential U.S. exchange uplisting if federal regulatory changes create a pathway for cannabis companies to list domestically. The company’s shares currently trade on the Toronto Stock Exchange and OTCQX market.
A reverse stock split reduces the number of outstanding shares while increasing the per-share trading price, without changing the company’s overall market value.
Curaleaf said the Toronto Stock Exchange has conditionally approved the move.
Curaleaf moved its principal business address to Stamford in 2024, shifting its headquarters from New York. The company is a major player in Connecticut’s cannabis market, operating dispensaries in Hartford, Manchester, Stamford and Groton, along with a cultivation facility in Simsbury. As of mid-2024, Curaleaf said it operated in 17 U.S. states with 146 dispensaries, 19 cultivation sites and 22 processing facilities.
