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Boris Jordan & Anthony Coniglio Break Down Q3 Performance

By Shadd Dales On Nov 7, 2025

We’re back with another double-header on today’s special episode of the Trade to Black podcast. Hosts Shadd Dales and Anthony Varrell welcome Boris Jordan, Chairman and CEO of Curaleaf Holdings Inc (TSX: CURA), and Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP).

Curaleaf’s earnings report opens with strong Q3 numbers—$320 million in revenue, $69 million in adjusted EBITDA, and 50% gross margins. Jordan calls it Curaleaf’s best quarter in two years. Despite a 15% stock drop, he emphasizes the company’s turnaround is real, citing improvements in product quality, operational streamlining, and a renewed focus on premium flower, especially in Florida. He also highlights cutting $180 million in costs and bringing in strong CPG talent, including Rahul Pinto from Albertsons, to revamp retail performance.

While he remains confident rescheduling will happen, he stresses that it will be on the administration’s timeline. He points to broader market uncertainty and political pressure—particularly from Senate Republicans like Mitch McConnell—as key reasons for the holdup. Jordan remains cautious on hemp investment, worried about overregulation, but says Curaleaf is ready to scale once federal clarity arrives.

Curaleaf also doubles down on European expansion. Jordan says the EU market is in better shape than the U.S. due to consistent federal medical frameworks. Curaleaf operates in Spain, France, Turkey, and the UK, with expectations of major growth in 2027–28. He also notes that pharma companies grow increasingly nervous about cannabis disrupting the pain medication market, especially given its non-addictive, lower-cost profile.

In the second segment, Anthony Coniglio discusses NewLake Capital’s conservative but steady approach. He reports $12.6 million in Q3 revenue and $11 million in AFFO, with an 82% dividend payout ratio. He underscores that NewLake only pursues quality deals and remains patient in a tough investment climate.

Coniglio expresses caution about potential overbuilding in states like Minnesota and Massachusetts. He says NewLake investors are paid to wait for reform through a 13% dividend yield and emphasizes that solid fundamentals—not speculation—are what matter most.

Don’t miss this episode with Jordan and Coniglio on the Trade to Black podcast, Powered by Dutchie.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.