EXCLUSIVE: Curaleaf CEO Boris Jordan Outlines Path To Institutional Capital

One of the most closely watched sessions at the IgniteIt Cannabis Capital Conference in Chicago brought Seaport Global’s Jack Mascone together with Curaleaf CEO Boris Jordan for a main-stage discussion on rescheduling, uplisting, and the long-awaited arrival of institutional capital. Jordan used the conversation to lay out how he sees the next phase of the industry unfolding and why Curaleaf is taking a slower, more deliberate approach than some of its peers.

Jordan opened the conversation, conducted in front of a group of cannabis operators, investors, and other decision-makers, by framing the current moment as a structural turning point. 

“The reform process is now underway, something we have been working on for almost 12 years,” he said. “The medical rescheduling was much better than we all even anticipated because it actually makes the medical business in the country legal.” 

He called the shift a major positive that aligns the United States with the treaty frameworks used in Europe and Australia.

Curaleaf’s strategy for uplisting to major stock exchanges, improving investor access, and enhancing liquidity dominated the session, which drew a full room of operators, analysts, and fund managers.

Curaleaf’s Timing On Uplisting

Jordan made clear that Curaleaf will not follow Trulieve’s recent strategy of carving out its adult-use business to uplist, noting that the company is already listed on the Toronto Stock Exchange. Curaleaf intends to keep its U.S. and European operations unified and wait for the regulatory and compliance environment to catch up.

“The problem in the cannabis sector today is that we have a finite pool of investors that can invest in the sector,” Jordan said. “There is no expansion of the investor base.” He added that uplisting alone does not solve the issue because portfolio managers still need permission from their compliance departments before they can buy.

Jordan said Curaleaf will wait for the second phase of rescheduling, IRS and Treasury guidance, and clarity around potential lawsuits before making its move. At that point, he expects to anchor the uplist with large-scale institutions similar to those that backed the company’s 2018 IPO.

European Scale As A Strategic Advantage

Mascone pressed Jordan on Curaleaf’s European footprint, which has become one of the company’s most important differentiators. Jordan called Europe the company’s “crown jewel,” noting that the addressable market exceeds 700 million people and that Curaleaf’s infrastructure is already built to EU GMP standards.

He said a major investment bank has valued the European business at roughly $1 billion, though he acknowledged that U.S. retail investor-driven markets have not yet priced that in. 

“A lot of people do not understand the value of that,” Jordan said. “But again, that is because investors today in the sector are largely retail investors who do not understand the fundamentals of that business.”

Consolidation And The Next Phase Of Scale

Jordan also predicted a wave of consolidation as institutional capital approaches. He argued that the U.S. market has too many operators competing on price, including companies that are heavily discounting to generate cash.

“We need to create companies that are 10 to 15 billion dollars in valuation to attract the capital coming,” Jordan said. 

He estimated that merging some of the larger operators could produce $150 million to $200 million in synergies and create platforms with the scale institutions expect. He compared the upcoming phase to the evolution of alcohol, food, and consumer packaged goods, in which consolidation ultimately created stability and profitability.

Governance, Readiness, And The Path Forward

Jordan closed by emphasizing that the gating factor is not exchanges or custodians but compliance. 

“Once the investors get the go-ahead, you will see the capital come in,” he said. 

He predicted that within six months of the next regulatory steps, the investment landscape could shift dramatically.

“I would rather be on the New York Stock Exchange or Nasdaq,” Jordan said, adding, “But we are going to wait until we can get these guys on. We want to get them to anchor our deal, and then we want to uplist.”