Cannabis company Curaleaf is growing its presence both domestically and internationally, as shown by a jump in revenue during the second quarter. Curaleaf's CEO Matt Darin sat down with Cheddar News Senior Reporter Chloe Aiello to discuss the positive earnings and what's ahead for the company.

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Curaleaf CEO: Cannabis is a Recession-Resistant Staple

All right. Well, cannabis company kiraly growing its presence both domestically and internationally. As shown by a jump in revenue during the second quarter, it's also planting seeds in the Eu with an acquisition of a leading german distributor kiraly's ceo matt daring sitting down with shutters senior reporter Chloe Aiello to discuss the positive earnings and what's ahead for the company. Take a look. We're really proud of our record breaking quarter, $338 million 17%, quarter over quarter, I think this is a demonstration of the power of our platform and our scale now, how have surging inflation in a possible looming recession. These macro economic pressures that really every industry is feeling right now impacted cure leaf customers and their shopping habits. You know, it's interesting, we've been tracking this closely in this inflationary environment. We are seeing a couple of dynamics at play. You know, certainly people are prioritizing their cannabis, people want their cannabis. And so what we're seeing is while people might be spending a little bit less each purchase, they're coming in more frequently. So, a guest that might have been coming twice a month previously is now coming three times a month, but spending a little bit less each time Now, the cannabis industry obviously flourished during the economic challenges of COVID-19 for a few very specific reasons, essential status and those stimulus checks being a couple of them, but today's macroeconomic environment is very different. So, given these realities, do you think that cannabis is going to prove recession proof moving forward, I believe so, I think we're seeing that cannabis is a recession resistant staple and that despite inflationary pressures with expensive gas and groceries and that people are prioritizing their cannabis purchases, you know, we we are really meeting the consumer where They are meaning that we're offering great value assortment. We're really strategic with our promotions. So we are meeting the consumer where they're at with these inflationary inflationary pressures. But we are seeing that consumers are prioritizing their cannabis purchases. Also announced it acquired a 55% stake in a German medical cannabis producer and distributor. Why is this acquisition significant to curly's broader strategy? So look, we're the only US over the focus on europe and I think we are seeing europe as really the next frontier of growth globally for the cannabis market and you know, Germany is the driver for the EU And so Germany is about to start drafting their adult use Canada, this loss. Uh so this exciting acquisition uh with 4 20 pharma is really giving us a continued stronger foothold in the german market ahead of adult use, which is really going to be a key catalyst for us as we look at 2024 beyond. Certainly a lot of interesting things happening globally, especially in terms of europe there. I want to shift gears and look domestically though because here in the US, the cannabis industry certainly is unique in that there are always new markets coming online representing of course new growth opportunities. So where is clearly focusing most of its investment and energy in the quarters ahead. So we're really excited about what we're seeing in New Jersey, New Jersey launched adult use april 21st and it's been just a great success story. So that's an area that we're continuing to focus on investing. We're about to open up our third adult use location in Bordentown here shortly, which we're very excited for. You know, we're continuing to invest in the Northeast, you know, ahead of adult use launches in both Connecticut and new york. Those are both gonna be major catalysts for the industry coming up here, uh, in the near future. And then florida is another mark That we continue to invest in. We're really bullish on Florida and you know, that medical market and ultimately adult use coming there at some point. So that's a market that we continue to invest in more capacity as well as in great new retail locations. Quick follow up there, of course, a new ballot initiative was just filed in Florida to get adult use cannabis on the ballot in 2020 for a bit of a rocky road there over the past few years. How bullish are you that 2024 is going to be the year for Florida, legalizing adult use. Well, look, we're excited to see, uh, you know, that initiative move forward. Um, you know, we certainly are supportive adult use coming to florida here, hopefully soon. I think we'll see ultimately, uh, exactly what the timing looks like. But I think there's a lot of support from the industry, from the residents and medical patients in florida that want to see adult use, uh, you know, come to that state. So, I we're really looking forward to seeing how this plays out in the coming months. Now. There are quite a few cannabis related bills in Congress right now with the cannabis administration and Opportunity act, and of course, safe banking, getting a majority of the attention here now, how likely is it that we will see federal reform by year's end before democrats possibly lose control over Congress. Look, the good news is, there's never been more bipartisan support for sensible reforms in Washington C than there is today. So it's really, I think, encouraging to see what's taking place and really support coalescing around safe plus, uh, safe banking plus, uh, certain social equity measures and others that, you know, we think have a path and have the votes ultimately to get approved here in terms of exactly how it plays out whether it's prior to the election in the lame duck session, etcetera. I think some of those remain to be seen, but we're encouraged by the signs that we're seeing uh, in Washington D. C, that there truly is a bipartisan support for sensible reforms. It's what the american public wants. Uh, and we think we're cautiously optimistic that we're going to see something here soon. Okay, big thanks there to cure Leave ceo matt Darren and our own Chloe a yellow.