The largest marijuana company in America is on a mission to convert non-consumers into customers by selling them highly formulated products.
On the rolling hills of Long Island’s North Shore Country Club, overlooking Hempstead Harbor, a 54-year-old billionaire is getting high with his friends. Boris Jordan, a New York native who made his fortune in Moscow in the 1990s and built Curaleaf into the largest cannabis company in America, is encouraging his guests to try his newest product—a fast-acting nano-emulsion tincture made with tetrahydrocannabinol (THC). None of the guys have smoked weed since college, and neither has Jordan, but he drops 5 milligrams of THC into everyone’s water and within 10 minutes they’re feeling like a billion bucks.
“I never have been so excited for a product in my life. I felt fantastic,” says Jordan, who actually prefers a slow-release THC capsule to help him sleep. “It just relaxes you and my golf game was much better. I really suck at golf, so trust me, I needed it.”
Jordan, who is worth $1.6 billion and owns 34% of Curaleaf, which has a $5.5 billion market cap, believes the new cannabis tincture, and a gummy made with the same fast-acting bioavailability, will be a “home run.” But, he’s much more excited about how the new adult-use markets in New Jersey and Arizona will be a windfall for his company.
On Election Day, voters in those two states passed legalized recreational sales. (Voters in South Dakota also passed medical and adult-use, while Utah and Mississippi passed medical marijuana laws.) The new adult-use markets, according to a note from Cowen, will unlock a black market worth a combined $3 billion-plus. Curaleaf, with its 96 dispensaries and 23 cultivation sites across as many states, is the only operator with dominant positions in both New