Variable interest entities (Tables)

9 Months Ended

Sep. 30, 2026

The following table presents summarized financial information about the Company's variable interest entities as of September 30, 2026 and December 31, 2025:


	As of		As of
	September 30, 2026		December 31, 2025
Included in Condensed Consolidated Balance Sheets:
Cash	$	87,241	$	77,119
Accounts receivable	54,048		47,701
Inventory	196,297		195,184
Other current assets	28,883		37,369
Total current assets	366,469		357,373
Property, plant, and equipment , net	453,532		474,338
Right-of-use assets	219,784		201,434
Intangible assets, net and goodwill	1,299,640		1,343,581
Other long-term assets	16,660		15,454
Total assets	$	2,356,085	$	2,392,180

Accounts payable	$	48,274	$	57,622
Accrued expenses	58,138		88,060
Income tax payable	6,580		14,218
Other current liabilities	59,801		49,178
Total current liabilities	172,793		209,078
Deferred tax liability	84,300		163,433
Lease liabilities	253,648		239,223
Long-term financial obligation	192,765		202,901
Long-term debt(1)	448,579		449,168
Uncertain tax position	476,092		531,508
Other long-term liabilities	9,925		1,114
Total liabilities	$	1,638,102	$	1,796,425
Equity attributable to Curaleaf Holdings, Inc.	$	717,982	$	595,755

(1) In conjunction with the issuance of the Senior Secured Notes – 2026 in December 2021, the Company entered into an intercompany loan agreement with Curaleaf Inc. On February 18, 2026, the Senior Secured Notes – 2026 were repaid using proceeds from the issuance of the Senior Secured Notes – 2029. The intercompany loan remains outstanding, is reflected herein and has been eliminated in the condensed consolidated financial statements.

The following table presents summarized financial information about the Company's variable interest entities for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
			As Revised(1)				As Revised(1)
Included in Condensed Consolidated Statements of Operations:
Revenues, net	$	293,953	$	274,252	$	859,636	$	822,950
Net income (loss) attributable to Curaleaf Holdings, Inc.	(30,014)		(53,011)		82,084		(153,331)
(1) The consolidated financial statements for the three and nine months ended September 30, 2025 accurately reflect the correct accounting treatment of the Company's VIEs. During the preparation of the Company's expanded VIE disclosures, management identified a classification difference in the VIE tabular disclosure above resulting from the incorrect allocation of certain tax-related balances between VIE and non-VIE entities. Management concluded that the difference was not material to the Company's consolidated financial statements. Accordingly, the VIE information for the three and nine months ended September 30, 2025 has been revised to reflect the corrected allocation of balances between VIE and non-VIE entities, which increased net loss attributable to Curaleaf Holdings, Inc. included in the VIE disclosure by $3.4 million for the three months ended September 30, 2025 and decreased net loss attributable to Curaleaf Holdings, Inc. by $5.1 million for the nine months ended September 30, 2025.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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