Curaleaf Agreement Opens Meaningful International Growth Runway

Research evidence excerpt

Curaleaf Agreement Opens Meaningful International Growth Runway

Cannabis

Cannara Biotech

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

July 14, 2026

Price: C$1.79 (07/13/2026) Curaleaf Agreement Opens Meaningful

Price Target: C$3.25 International Growth Runway

BUY (1)

Derek J. Lessard^ THE TD COWEN INSIGHT

514 289 0384

LOVE announced this morning that it has entered into a long-term international supply

derek.lessard@tdsecurities.com

agreement with Curaleaf, with potential aggregate contract value of up to C$21mm. We view

Ryan Neal^ the agreement positively given the meaningful revenue opportunity (~20% of 2025A revenue),

416 308 2213 the exposure to high-growth international end markets, and the potential to accelerate LOVE’s

ryan.neal2@tdsecurities.com

capacity ramp.

Key Data

Symbol TSX: LOVE-T Impact: SLIGHTLY POSITIVE

Market Cap C$176.8MM

Our “slightly positive” impact statement reflects (1) the contract’s potentially meaningful

revenue contribution; (2) Curaleaf’s support in helping LOVE pursue EU-GMP certification at

Valleyfield; and (3) what we view as a relatively low-risk path to expand into fast-growing

international cannabis markets.

The key details include:

■Cannara has entered into a long-term supply agreement with Curaleaf to provide bulk

cannabis flower for international markets, with potential aggregate contract value of up to

C$21mm.

■The agreement commences on August 1st, 2026.

■To support expected demand, Cannara activated two additional cultivation zones in Q3/

F26 and plans to bring four more online by the end of F2027. Once complete, LOVE’s active

cultivation capacity will increase to 75,000kg across 18 of Valleyfield’s 24 total grow

zones.

■Management believes the agreement accelerates its production expansion roadmap by