Good morning and happy Friday.
Jeremy interviewed Curaleaf CEO Boris Jordan about his hostile bid for Aurora. Click through to read the full story — it’s full of interesting details on Curaleaf’s strategy.
A quick programming note: No This Week in Cannabis Live today. We’ll see you next week!
-JB, JR
Today’s newsletter is 601 words or about a 5-minute read.
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💡 What’s the big deal?
M&A
Boris Jordan explains why he went hostile ⚔️
Curaleaf CEO and Chairman Boris Jordan wants you to know he tried to do this the nice way.
In an interview with Jeremy, he defended his hostile $4 per share bid for Aurora Cannabis, said the rejection wasn't based on "legit reasons," and explained why he wants the only EU-GMP certified indoor cultivation in Canada.
The paper trail backs his timeline. Whether it backs "friendly" is another question.
Jordan said he first spoke with Aurora CEO Miguel Martin at the end of June. Martin wasn't opposed to talking, Jordan said, but told him he would weigh any deal against his fiduciary responsibility.
On June 23, Curaleaf sent a formal indication of interest, offering a mutual non-disclosure agreement and 30 days of exclusive reciprocal due diligence.
That letter, which Curaleaf later published on its website, confirms this part of Jordan's account. A follow-up call went nowhere, Jordan says.
"This isn't actionable enough," he recalled Martin saying. "I need to go to the board."
🗯️ Quotable
“I think he's been misinformed by his staff,” Sen. Ted Budd said of Trump pushing to delay the hemp ban. Watch it on X.
⏩ Quick hits
Illinois recreational shops can now sell medical, for a price 💰
Illinois posted the application recreational dispensaries need to file for a medical cannabis add-on license, letting them sell to patients at the state's much lower medical tax rate once filing opens September 10.
Canada bankrolls a nationwide cannabis brain study
Health Canada is putting $24 million toward a new national research consortium studying how cannabis affects brain health across the lifespan. Ten research teams will dig into everything from prenatal exposure to psychosis and PTSD, with more than a third of Canadian adults now reporting cannabis use since recreational legalization in 2018.
Join Sweed and Cultivated for a candid conversation with retail leaders from Nova Farms and Black Canna as we explore what it takes to turn first-time visitors into loyal, repeat customers.
Together, we'll discuss:
- Local visibility and discoverability
- Customer acquisition strategies that drive traffic
- Conversion opportunities that increase retention and lifetime value
You'll leave with practical ideas you can put to work right away to improve how customers find your dispensary, what they experience once they're there, and why they keep coming back.
Moderator:
Brad Cross, CRO, Sweed
Panelists:
- Matt Davidson, Vice President of Retail and Marketing, Nova Farms
- Larry Leggett, Founder, Black Canna
- Jay Rosenthal, Co-Founder & Managing Director, Cultivated
💰 Earnings
Glass House posts higher Q2 revenue but margins get squeezed 💰
Glass House Brands reported $47 million in Q2 revenue, missing the Street's $58 million estimate, while adjusted EBITDA fell to $5.7 million from $18.1 million a year ago as gross margin compressed to 34% from 55%. Shares fell after hours following the report. $GLAS ( ▼ 1.61% )
🧳 People moves
Hemp beverage maker Pharos Brands International named Mathew Smith as its new President and CEO as of August 1. Smith previously served in PepsiCo's beverage division, then led North American marketing for Del Monte Fresh Produce.
📰 What we’re reading
Kentucky farmers, businesses call on Congress to delay intoxicating hemp ban | Kentucky Public Media