Curaleaf Reverse Split, SAM Keeps Losing
In our latest Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the growing momentum around U.S. cannabis companies potentially uplisting onto senior exchanges like the NASDAQ and NYSE. Boris Jordan, Chairman & CEO of Curaleaf (TSX:CURA) (OTCQB: CURLF) joins the show to talk about their latest announcement involving a reverse stock split as the company positions itself for potential access to major U.S. exchanges. Michael Bronstein, also joins the show to discuss a federal judge dismissing SAM’s lawsuit against the Medicare hemp coverage program, along with why many insiders now believe Congress is unlikely to pass a sweeping federal hemp THC ban this year.
We open with breaking news from Curaleaf, the largest cannabis company in the world, which announced a one-for-three reverse stock split effective June 5th. Chairman and CEO Boris Jordan explains the strategic rationale, noting that major U.S. exchanges such as the NYSE require a stock to trade above four dollars for 90 consecutive trading days before an uplisting can occur, making the move a necessary step toward trading on a senior exchange.
In the second segment, Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, joined to discuss a federal judge’s swift dismissal of Smart Approaches to Marijuana’s lawsuit challenging the Medicare hemp coverage program. The ruling is significant, potentially reflecting a growing willingness among federal courts to treat cannabis-adjacent programs as legitimate and within the scope of federal authority. He cautioned, however, that SAM remains well-funded and should not be underestimated.
The conversation shifted to the hemp industry, where Bronstein addressed reports suggesting Congress is unlikely to reverse the upcoming federal hemp THC restrictions before the deadline. This and more when you tune in.
