Curaleaf Holdings Inc.’s CEO, Boris Jordan, has taken the helm of the company during a turbulent time for the cannabis industry. He sees a confluence of factors creating a challenging landscape, including a consumer recession, rising inflation, and the rapid expansion of hemp products.
Speaking at the Benzinga Cannabis Capital Conference in Chicago, Jordan outlined his vision for navigating these headwinds. He acknowledged the industry’s difficulties, stating, “The industry is going through a very difficult period, and there is a lot of major, both catalysts and potential roadblocks in the way.” He emphasizes the importance of proactive leadership, echoing his father’s advice: “If you’re not happy with the way things are going, do it yourself.”
Since taking over as CEO in August, Jordan has focused on streamlining Curaleaf’s operations, accelerating growth initiatives, and cutting costs. He’s confident that these efforts are yielding positive results. Curaleaf is also set to unveil a new three-year strategy in the fourth quarter, aiming to position the company for continued success through 2025.
Jordan expressed concerns about the growing hemp market, arguing that it has negatively impacted other areas of the cannabis industry, leading to price compression in the regulated market. He also highlighted the Federal Reserve’s recent interest rate cut as a sign of a weakening consumer base, adding to the pressures faced by the cannabis sector.
Despite these challenges, Jordan remains optimistic about Curaleaf’s future. He points to the company’s diversified portfolio, including its strong presence in Florida and Arizona, and its successful European expansion. Curaleaf anticipates generating over $100 million in European sales this year, with margins close to 50%. “We think that we are going to double that next year,” Jordan said.
While the potential for cannabis reform in the U.S. remains a key factor, Jordan recognizes that change may not come quickly, regardless of the outcome of the upcoming election. He is committed to ensuring Curaleaf emerges as a winner, regardless of the regulatory landscape.
“I’m still very, very optimistic. I think this sector has a tremendous amount of upside, but I do think that there are risks. And the key to managing through this current environment is understanding the dynamics of what’s going on in the market… and making sure that you diversify,” Jordan concluded.
