Top Cannabis Executive Weighs In on Industry’s Future
Earnings week continues on today’s Trade To Black podcast presented by Flowhub, with host Shadd Dales bringing on one of the biggest personalities in cannabis — Curaleaf Chairman and CEO Boris Jordan — before FundCanna CEO Adam Stettner joins for our weekly earnings segment. We cover Curaleaf’s latest numbers, its international expansion, the hemp fight, DEA rescheduling, and a granular look at MSO earnings season.
Jordan opens by breaking down Curaleaf’s (TSX: CURA) (OTCQX: CURLF) second-quarter 2026 results: net revenue of $340.1 million, up 10% year over year, with gross profit of $169.9 million at a 50% margin and net income of $12.5 million, or $0.05 per share — short of the $0.17 consensus. Domestic revenue grew 7% and international 26%, yet shares still slid 7.36% as investors focused on a cautious outlook and cost pressures rather than the improved top and bottom line. Jordan credits a real U.S. retail turnaround — July delivered the first positive same-store comp in three years — plus double-digit wholesale growth, while internationally the U.K. remains his best, fully vertical market, Germany the most competitive, and Poland the fastest-growing, with Spain, France, and Turkey next in the pipeline.
On hemp, Jordan pulls no punches. With Texas banning most intoxicating hemp products and the federal deadline pushed just four weeks to December 11, he puts the odds of a broader extension in its current form at nearly zero, citing conversations with senior Republican senators. He holds up Ohio — where regulated cannabis surged once hemp was pushed out — as a preview, and argues the hemp industry’s failure to self-regulate has been its own undoing.
We also get his read on the concluded ALJ rescheduling hearing, which he saw as decidedly one-sided in the industry’s favor, along with his outlook on IRS tax guidance, how Uncertain Tax Positions could ultimately be resolved, and the fate of 280E. Jordan makes the case that cannabis is primed for consolidation — weighing whether any of the top five operators might merge — and says he’d happily hand over the CEO reins for the right deal. He and Dales also touch on credit cards quietly reaching medical markets.
In segment two, Stettner and special guest host Seth Yakatan dig into earnings season, explaining why wholesale growth isn’t automatically healthy growth, flagging nearly identical out-of-stock rates of roughly 35% at Green Thumb and Curaleaf, and walking state by state from California to a New York market bracing for price compression. Whether strong demand converts into real cash flow is what they’ll keep watching.
This and more when you tune in.
