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    Russell Stanley • Beacon Securities Limited

    Russell Stanley's questions to Curaleaf Holdings Inc (CURLF) leadership

    Russell Stanley's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2025

    Question

    Russell Stanley from Beacon Securities asked for an update on the wholesale competitive environment in New York, given Curaleaf's early production advantages.

    Answer

    Chairman and CEO Boris Jordan explained that New York remains a strong, growing market, but the primary challenge has been 'inversion'—illicit cannabis from other states entering the market due to the lack of a track-and-trace system. He noted that recent enforcement by the OCM against an illicit distributor has led to a recovery in Curaleaf's wholesale sales, suggesting a positive growth trajectory if enforcement continues.

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    Russell Stanley's questions to Curaleaf Holdings Inc (CURLF) leadership • Q4 2024

    Question

    Russell Stanley asked about the performance and margin trends of Curaleaf's wholesale business in New York, particularly how the company is managing price competitiveness given the market dynamics.

    Answer

    Chairman and CEO Boris Jordan described the New York market as a 'moving target,' noting strong 2024 margins but highlighting a new challenge from illicit California flower entering the regulated market. He expressed confidence that the implementation of a seed-to-sale system in Q3 will resolve this issue and stated the company is actively making regulators aware of the problem.

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    Russell Stanley's questions to Curaleaf Holdings Inc (CURLF) leadership • Q2 2024

    Question

    Russell Stanley requested an update on the growth bottlenecks in Germany, such as telemedicine adoption and pharmacy logistics, which were mentioned on the previous earnings call, asking about progress and remaining challenges.

    Answer

    Executive Chairman Boris Jordan stated that the market is growing faster than anticipated and that these bottlenecks are providing the company with necessary time to scale its supply chain effectively. He expressed confidence that the industry is working through these issues and expects to see continued outsized growth from Germany in the upcoming quarters.

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    Russell Stanley's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2024

    Question

    Russell Stanley asked for clarification on the Q1 gross margin improvement, wanting to understand the specific impact of improved asset utilization versus the headwind from a reduced vertical sales mix.

    Answer

    CFO Edward Kremer explained that the impact from a lower vertical mix was minimal. The primary driver of the 120 basis point sequential margin improvement was better cost absorption from bringing more cultivation rooms online to meet demand. He confirmed that the positive impact of asset utilization significantly outweighed any decline from vertical mix.

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