v3.26.1
10-K Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
 [2]
Cash flows from operating activities:      
Net income (loss) from continuing operations $ (201,903) $ (211,609) [1] $ (242,645) [1]
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:      
Depreciation and amortization 196,606 231,460 195,593
Share-based compensation 35,736 25,696 20,010
Non-cash interest expense 9,061 14,064 14,402
Amortization of operating lease right-of-use assets 19,436 16,557 15,975
Loss on impairment 9,080 54,245 67,076
Loss (gain) on extinguishment of debt (1,685) (257) (2,065)
(Gain) loss on disposal of assets 3,049 (4,624) 8,541
Gain on investment 343 (6,624) (2,073)
Non-cash adjustments to inventory (1,932) (4,174) 13,119
Allowance for credit losses 2,510 (347) 1,664
Deferred taxes (34,089) (54,491) (29,791)
Other adjustments, net (888) 2,121 (5,007)
Foreign exchange loss (gain) (3,686) 1,617 4
Payment of contingent consideration liability in excess of acquisition-date fair value 0 0 (2,095)
Changes in assets and liabilities:      
Accounts receivable, net (10,961) (7,791) (12,640)
Inventories (3,724) 4,308 9,852
Prepaid expenses and other assets, current (8,811) 3,311 (4,112)
Income tax receivable 17,660 10,126 12,222
Net assets held for sale and discontinued operations 0 (131) 3,959
Investments and other assets 1,380 (752) 4,546
Accounts payable (5,197) (5,634) 3,631
Accrued expenses and other liabilities 147,915 118,415 34,256
Lease liabilities, operating (17,875) (16,359) (16,536)
Net cash provided by operating activities from continuing operations 152,025 169,127 87,886
Net cash used in operating activities from discontinued operations (14,319) (5,503) (12,621)
Net cash provided by operating activities 137,706 163,624 75,265
Cash flows from investing activities:      
Purchases of property, plant and equipment (63,440) (92,438) (65,441)
Disposals of property, plant and equipment 687 1,382 0
Proceeds from sale of entities 0 8,487 0
Acquisition-related cash payments, net of cash acquired (542) (4,699) (3,630)
Purchases of intangibles (1,209) (5,000) (4,857)
Purchase of investments (173) (708) 0
Dividend received on investments 225 0 0
Issuance of notes receivable (5,495) (3,111) (7,020)
Payments received on notes receivable 749 628 0
Net cash used in investing activities from continuing operations (69,198) (95,459) (80,948)
Net cash used in investing activities from discontinued operations (1,146) 1,629 2,261
Net cash used in investing activities (70,344) (93,830) (78,687)
Cash flows from financing activities:      
Proceeds from notes payable 83,190 22,017 8,612
Minority interest investment in Curaleaf International 0 0 4,166
Payments of debt issuance costs (950) (456) 0
Principal payments on finance lease liabilities (10,230) (9,445) (8,474)
Principal payments on notes payable (101,282) (49,339) (47,213)
Principal payments on financial obligations (5,843) (5,777) (4,308)
Exercise of stock options 256 156 49
Payments of deferred consideration (35,398) (11,250) (27,358)
Payments of contingent consideration (3,236) 0 (3,965)
Issuance of common shares, net of issuance costs 0 0 11,497
Net cash provided by (used in) financing activities from continuing operations (73,493) (54,094) (66,994)
Net cash used in financing activities from discontinued operations 0 (144) (23)
Net cash provided by (used in) financing activities (73,493) (54,238) (67,017)
Net increase in cash and cash equivalents (including restricted cash) (6,131) 15,556 (70,439)
Cash and cash equivalents (including restricted cash), beginning of period 107,226 91,818 [2] 163,177
Effect of exchange rate changes on cash and cash equivalents (including restricted cash) 478 (148) (920)
Cash and cash equivalents (including restricted cash), end of period 101,573 107,226 91,818
Non-cash investing & financing activities:      
Purchases of property, plant and equipment included in accounts payable and accrued expenses 2,767 15,189 2,262
Issuance of notes in connection with sale of entities 0 2,300 0
Issuance of SVS in connection with acquisitions 574 32,117 17,375
Contingent consideration incurred in connection with acquisitions 0 6,352 0
Deferred consideration incurred in connection with acquisitions 920 1,218 12,553
Forgiveness of promissory note in connection with acquisition 0 7,020 0
SVS contributed to Curaleaf, Inc. in connection with the Reorganization 0 0 1,050
Recategorization of net assets from held-for-sale to held-and-used 0 0 4,792
Non-cash proceeds from Note Exchange (as defined herein) 7,000 0 0
Extinguishment of convertible notes by issuance of SVS [3] 16,500 0 0
Non-cash activity related to modification of failed sale and leaseback arrangements 7,087 0 0
Non-cash activity related to obtaining finance right-of-use assets 7,417 3,826 1,362
Non-cash activity related to obtaining operating right-of-use assets 19,714 11,116 34,632
Other non-cash activity related to finance right-of-use assets 2,777 2,057 257
Other non-cash activity related to operating right-of-use assets 3,997 1,636 2,922
Issuance of SVS for settlement of liability [3] 77 0 0
Excess redemption value above carrying value 42,294 22,746 0
Issuance of SVS to purchase non-controlling interest [3] 5,418 0 0
Excess carrying value of redeemed NCI over consideration paid in SVS [3] 96,696 [4] 0 0
Non-cash reduction to deferred sale proceeds 120 0 0
Non-cash reduction to acquisition-related deferred consideration 0 3,740 0
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 27,058 16,486 100,011
Cash paid for interest 103,606 96,364 97,936
Excess tax benefit from exercise of options $ 97 $ 23 $ 26
[1]
(1) Amounts reported in the Company’s Annual Financial Statements for the years ended December 31, 2023 have been recast to reflect reclassification of Missouri and Hemp-derived THC operations as discontinued operations.
[2]
(1) Amounts reported in the Company’s Annual Financial Statements for the years ended December 31, 2023 have been recast to reflect reclassification of Missouri and Hemp-derived THC operations as discontinued operations.
[3]
*as defined herein
[4]
*as defined in Note 1 — Operations of the Company