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The upside of uplisting cannabis stocks: Q&A with Curaleaf CEO Matt Darin

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U.S. cannabis multistate operator Curaleaf Holdings is in talks with the Nasdaq and Toronto Stock Exchange about possibly uplisting from the smaller Canadian Securities Exchange to gain access to big institutional investors and more liquidity.

The talks come a month after Canadian cannabis producer Canopy Growth Corp. unveiled plans to accelerate its entry into the United States by taking full ownership of three American marijuana businesses the Ontario-based company planned to buy once marijuana became legal under U.S. law.

Canopy hopes the plan will allow it to remain listed on a major exchange such as the Nasdaq or the Toronto Stock Exchange (TSX), although the company acknowledged the Nasdaq has objected to the plan.

Such a move is intriguing to Curaleaf as well, Darin acknowledged to MJBizDaily, saying that officials of the Wakefield, Massachusetts-based company have “been talking about it for a while, with the Canopy announcements and opportunities there.”

Darin replaced Joe Bayern as CEO in May after serving as Curaleaf’s president since January.

Bayern, meanwhile, was tasked with creating a new division to develop “a new CPG-based business model.

Since becoming CEO, Darin – the founder of Chicago-based Grassroots Cannabis, which Curaleaf acquired in 2020 – said he and his team have been focused on New York’s emerging adult-use market, research and development involving new products as well as creating a hybrid leadership strategy that combines the strengths of Curaleaf and Grassroots.

Darin also has had to oversee recent layoffs.

Curaleaf last week confirmed it had made job cuts, but the company did not share how many people were affected or what parts of the business were impacted.

“Curaleaf has made the difficult decision to eliminate several positions as a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead,” Darin told MJBizDaily via email.

“In the current environment with inflationary pressures, increased competition and slowing growth, it’s incumbent on us to be more efficient.

“These changes are never easy, but they are a necessary action in order to support our long-term success and remain competitive – for our team, our customers and our shareholders.”

During an interview with MJBizDaily at MJBizCon in November, Darin discussed Curaleaf’s interest in uplisting to a larger stock exchange, New York’s forthcoming adult-use market and the recently closed acquisition of Arizona-based Tryke Cos.

Now that you’ve completed the acquisition of Tryke, do you have plans to rebrand the assets, such as the Reef dispensaries?

We’re evaluating what we’re going to do. Reef’s got a great brand in Vegas.

Typically, we rebrand the stores to our national brand, but we’re evaluating, and I think we will. But Reef’s a great brand.

We’re integrating and seeing.

In the meantime, you’ve just rebranded the Grassroots brand

That was a refresh of the brand. Smarter marketing people than me suggested it as we’re launching in new states.

It was really a Midwestern brand for the most part, but also on the East Coast, Maryland and Pennsylvania and places like that.

We saw an opportunity to expand it to the West Coast, the Northeast and Florida.

So why don’t we put a fresh face on it and polish it up a bit. It looks really sharp. I’m really happy.

What’s it like to see the Grassroots brand evolve?

It’s very cool. The new icon is a shed, like a mini house.

When I first started Grassroots, I had an office outside of Chicago where my real estate company operated.

It was a Victorian home, and behind the home was a big shed. It was formerly a music school, so they would do music lessons and all that.

When we started the cannabis company, we had our cannabis employees working in the shed with no air conditioning and no heat.

There were not great work conditions, but it was scrappy.

It became part of our origin story – that the company started in a shed kind of like Apple or these tech companies in Silicon Valley.

I have a cool image in my office that our graphic was included in along with the garages of Apple, Harley-Davidson and Google.

What experience or perspectives from Grassroots are you bringing to Curaleaf? 

I think focus on the cannabis consumer and what they want: products and brands, innovation and service experience in the stores.

I’m really trying, as we get bigger and have all these different states and functions, to keep more of an entrepreneurial mindset of wearing different hats and making sure there aren’t silos across the organization.

The strategic thought processes about how to grow in markets and enter new markets.

You know, it’s interesting:

Curaleaf had a successful strategy. Grassroots had a different strategy that was successful in a different way.

So we’re blending them together and finding the hybrid of the best elements of both.

What have you learned from Curaleaf?

I’ve learned a lot about capital markets and being a public company.

My background was more entrepreneurial. I was in commercial real estate and did a lot of transactions and a lot of deals.

Curaleaf was ahead of Grassroots, already being public and knowing people like (Curaleaf Executive Chair Boris Jordan) who had raised capital for large businesses across the world.

Science, innovation and R&D are really a core part of Curaleaf coming out of the medical world, so that’s been a focus.

We’ve got an amazing R&D team based out of Boston.

I’ve learned a lot about the science of cannabis because we have some amazingly smart people on the team – that’s definitely more advanced than what I was doing previously.

What kinds of research and development is Curaleaf doing?

We are focused on some of the trends like solventless extraction and that whole world of the rosins and the liquid diamonds and that next new version of distillate.

Vapes are the second-biggest category after flower, so I think that’s a really big focus – that next phase of the vapor industry and how you get the right mixture of flavor, potency and effect.

Beverages are a fraction of the market today at 1% of the market. But I think as cannabis is distributed more broadly, it’s going to be a bigger category.

Right now, there are some unique logistical challenges to carrying enough beverages in dispensaries where you have to lock up all your inventory at night and things like that.

We launched our beverage brand in Massachusetts, and now we’re going to be launching in some new states.

And then there is also the “need state,” “mood state” type of science.

How do you create a very certain experience?

I won’t reveal too much of the early stage R&D we’re doing, but there’s an opportunity to create specific experiences through the science of cannabinoids and terpenes.

On Curaleaf’s latest earnings call, you mentioned you’re looking into uplisting to a larger exchange such as the Nasdaq. Can you share more?

Yeah, so hopefully SAFE passes in the lame-duck (Congress).

And, if that occurs, the U.S. exchanges potentially are going to be available depending on what the language of that law actually says.

So we have been proactively speaking to Nasdaq about that opportunity.

That Nasdaq lists non-plant-touching companies that derive all the revenue from plant-touching companies or international companies that are not even U.S.-based feels a little backward.

But to list U.S. plant-touching companies, they need federal legislation to permit them to do that.

We’ve been talking to the (Toronto Stock Exchange) as well.

I think there’s a path potentially to uplist to the TSX, which would be an improvement in liquidity and availability of at least some institutional investors to purchase our stock.

We’re having all of those conversations, and ultimately, we want figure out the best opportunity for liquidity being accessible to the larger investor base.

Do you still see a lot of opportunity in New York? 

We’re very optimistic about New York.

I think people need to relax a little bit with the proclamations that New York is never going to launch adult use, or it’s not going to include the medical market participants or it’s going to be California all over again.

We would love to see it moving faster, but these things take time.

There’s been a lot of confusion regarding what the (New York Office of Cannabis Management) has planned, and I think a lot of the confusion stems from the CAURD program, which is a separate program from the adult-use program for the registered organizations (ROs) like Curaleaf that are currently participating in the medical market.

So people read certain rules and interpret that to say that the ROs would be subject to all those, but there’s actually two different programs.

So we still expect the rules for the adult-use program in addition to the CAURD program to get published in the first part of the year and then, ultimately, to see adult use get launched later in the year.

But New York’s a state of 20 million people. It’s going to be the hub of the East Coast at some point. It’s got a great cannabis legacy history.

New York City is New York City, so we’re very excited. We’re the largest player there.

We have about 50% market share all told in the medical market.

So we’ve already been investing and reinvesting for adult use and expanding capacity.

There’s going to be a big enough market that has a role to play for all of the social equity entrants as well as the incumbents.

Does Curaleaf have any more plans for M&A?

We just closed the Tryke acquisition.

That was really exciting, to add six new dispensaries and a new flagship that we’re building on the Las Vegas strip and additions in Arizona and Utah.

It’s probably the biggest transaction that has closed in cannabis in quite a while. So we’re still integrating, digesting that.

We’re always on the lookout for opportunities, but we’re being very judicious with our filter on deals because there’s going to be a lot of opportunities next year.

Source: https://mjbizdaily.com/curaleaf-ceo-matt-darin-on-uplisting-cannabis-stocks-layoffs-new-york-adult-use/

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Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light

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Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.

India’s Indigenous LEO Satellite Vision

Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.

The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.

According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.

The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.

Regulatory Process Moves Forward

Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.

The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.

Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.

Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.

Broadband, Mobile Connectivity, and Strategic Applications

Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.

The company also intends to establish 20 to 22 ground stations across India to support network operations.

Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.

Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.

Major Step for India’s Space and Telecom Sectors

Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.

The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.

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Alleged Crores Pharma Scam Mastermind Arrested from Surat

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After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.

Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.

Fake Business Deals and Dishonoured Cheques Used in Fraud

Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.

In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”

Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.

Multiple Identities and Repeated Fraud Pattern

Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.

Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.

Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.

Multi-State Surveillance Leads to Arrest in Surat

A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.

Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.

Growing Threat of Corporate Identity Fraud

The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.

Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.

Experts Urge Stronger Due Diligence in High-Value Transactions

Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.

Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.

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EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices

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A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.

Investigation Under Digital Markets Act Gains Momentum

The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.

Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.

Industry Groups Demand Swift Action

Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.

Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.

In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.

Google Denies Allegations

Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.

However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.

Potential Billion-Euro Penalties

If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.

Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.

Wider Implications for Big Tech

The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.

A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.

As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.

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