New Jersey has legalized recreational marijuana. The state missed cannabis holiday 4/20 by just a day. Cannabis giant Curaleaf operates three dispensaries in New Jersey. The company's CEO Joe Bayern joins Cheddar to recap the big day. 

Between Bells

Curaleaf CEO Weighs in on New Jersey Cannabis Market

and between balls back y'all. Last week was big for the cannabis industry. So here with more is our cannabis Reporter Chloe, Aiello. Hi Chloe. Hey baker, thanks so much. So, cannabis holiday 4 20 which has become a big shopping holiday was followed by the long awaited kickoff of adult use sales in New Jersey. Cannabis giant Kerr Leif, operates three dispensaries in New Jersey And joining us now to discuss day one in that opening weekend is curry leaf ceo joe Bayer and jo thank you so much for joining us. You know, a lot of build up getting to that kick off of sales last week. How did the first day go? How are sales? Yes, sales were great. As, as we expected, there was a large demand for legal cannabis in New Jersey. We've been working on this for quite a while. We were very prepared for the first day and I think we, um, saw over 1500, uh, new patients on that day, so long lines as expected. But we moved through quickly and broadly speaking. I think everybody was excited to finally have a legal pathway to purchasing cannabis in New Jersey. Absolutely, A lot of excitement on the ground we were there reporting as well. Now, I do want to mention your Edgewater location. It still hadn't opened as of day one. What's the latest on that? How's that going? We're working with the local regulators in both Edgewater as well as Bordentown to get the dispensaries open for adult use. They are open for medical, so they're still operating today. Um, there are a few, last minute technicalities and resolutions that we're working through with the regulators administrators there. But we expect an open up short now clearly also operates in new york. Those licenses expected to go out at the end of the year, how to anticipate the, you know, on lining of the Northeastern cannabis market will change the cannabis industry more broadly? Well, as we've been saying, we are very excited about the prospect of adult use consumption in the Northeast. New Jersey was obviously a monumental step. It was a great day last week and we continue to have a lot of excitement throughout the weekend. Um, and we think that could be pivotal for the rest of the Northeast states that are considering programs already enacting programs like new york and Connecticut. Um, we believe that the, you know, the collective tristate area um could be anywhere from 10 to $12 billion addressable market place. It's a it's a massive growth area for us where we're a leader in this market. So we're very excited about the opening up of both new york Connecticut and hopefully pennsylvania Maryland down the road. Um, so we, you know, we think the Northeast, you know, could represent some of the largest states in, in the US as far as adult use consumption. And certainly I've been hearing a lot of folks anticipate to that it could kind of bring legitimacy to the space as well. You know, more legitimacy, legitimacy given that this is the financial hub of the U. S. Uh now I want to shift and talk about unofficial cannabis holiday 4 20 because of course that was last week as well. You know, typically this is one of if not the biggest day for cannabis sales of the entire year. What did you notice in terms of sales at Carly's locations nationwide on 4 20? But we we had a we had another banner year for sales. And clearly if it was the largest single day sales I think in company history in New Jersey specifically we were up almost 50% over prior year. So a lot of excitement in in New Jersey but it really um we saw the same um phenomenon around the world. It was it was a real testament to the growth of of cannabis in the us. And more importantly it's just affirmation that consumers are continuing to enter the category on on record levels. And there's a lot of not only consumer awareness building but there's a lot of support for legalizing cannabis across the U. S. So great day. I think it was the best day of sales at Pure Leaf and we're continuing to see excitement coming out of 4 20 the single biggest day of sales and company history. That certainly is a headline there. Now I want to talk about the significance of 4 20 shopping holiday, more of a recent trend but of course the celebration of cannabis culture also typically used as a platform for activists considering the industry has quite a bit more attention focused on it on 4 20 But now that we are seeing legalization takeover more state by state, what would you say the significance of 420 is today and moving into the future? Well, as you said, it's it's just the data, not only celebrate the industry and celebrate people's passion behind the plant, but it's a it's a moment to bring awareness to the cannabis issue in the US. Um The latest polls we've seen um show that over 90% of the US population is in favor of legalization of cannabis in some form. Um I think it's time for legislation to catch up and I think it's time for us to continue to de stigmatize the the use of cannabis across the U. S. So it's a great moment not only as you said, for sales for people to celebrate, but to build awareness around what's happening in the United States around cannabis use and that is a broad acceptance around cannabis. It's education around the benefits of cannabis and most importantly it's de stigmatizing anybody that thinks that, you know, cannabis is really just for a certain type of consumer. Um it's really applicable for part of many people's daily health regimen and part of their lifestyle. So it's a great way to bring um of the spotlight to the cannabis industry. I'm glad you mentioned sentiment because despite the fact that there is overwhelming sentiment towards legalization, the biden administration has done very little to advance that agenda or even make good on some of the campaign promises that President joe biden made, you know, coming into the 2020 election, you know, midterms around the corner. So what's your assessment of how the biden administration and democrats more broadly have handled the cannabis issue? Yeah, I think clearly it's it's been going slower than we would expect. Um We're working with legislators on a regular basis to help think about building responsible but equitable legislation in for for the legalization of cannabis. Um, we're obviously disappointed that the current bill by schumer booker and widen have been, has been delayed again. But we're we're building consensus around getting something done this year and we're very positive around the fact that both republicans and democrats alike know that we need to take a step forward. We need something to pass this year. We think that's probably something around safe banking, um, and some social equity components surrounding safe banking. But I think there is a broad consensus and and momentum behind getting something done um in this legislative legislative period. I'm glad you brought up safe banking too, because research from beta partners did issue a, you know, they predicted there's a 70% likelihood we'll see safe banking past and they're predicting that it might happen in the lame duck session. So obviously, you know, you have your ear to the ground when it comes to legislatures and what's actually going on there. Uh, so what is your anticipation? Do you think that this could happen? Like is it likely to be safe banking? And do you think it's likely in that lame duck period or do you think alternatively that we could see democrats push something through before midterms because this is such a popular issue and could in fact, you know, work in their advantage. Yeah, we're, we're optimistic that we're going to get something before the midterms. Um, as I said that um broad bipartisan support for a safe banking act, I think everybody recognizes the situation in the US is just unsustainable, not only with a safety issue, but obviously us banks not being able to participate in the tremendous growth in the cannabis industry. So people believe and understand the issue, they know that something has to get done. Um, we need to think about the timing. There are a number of platforms that we're working on to try to get something attached. Something potentially like the America competes act is still an alternative. A separate piece of legislation might be an alternative. And then of course there's the, the CIA act at schumer booker and widen are continuing to um get feedback on. So there are a number of different platforms. Were hoping something happens between now and the midterm, but we think in the worst case scenario, it would happen in the lame ducks section. Fashion joe. Thank you so much for your time. Thank you so much for once again, taking the time to chat with us. You're always so generous with your time here on cheddar. That's clearly ceo joe Bayern.