Q: Can you provide an outlook for Curaleaf's international operations, particularly in Germany, and discuss any potential changes in the market? A: Boris Jordan, Executive Chairman of the Board, stated that there are no anticipated changes to the medical program in Germany, despite political negotiations. The adult-use timetable might slow down, which Curaleaf views positively. Competition is increasing in Europe, but Curaleaf has expanded margins due to high-end product offerings and scale.

Q: What is Curaleaf's strategy regarding the hemp-derived market, and are there plans for acquisitions in this space? A: Boris Jordan mentioned that Curaleaf is cautiously optimistic about the hemp-derived market due to the pending Farm Bill. The company is focusing on organic growth and launching new products like Formula X. Currently, there are no plans for acquisitions until there is more legislative clarity.

Q: How are wholesale margins performing in New York, and what challenges are you facing? A: Boris Jordan explained that New York's wholesale market had strong margins and demand in 2024. However, the market faces challenges from illicit California flower entering the regulated market. Curaleaf is working with regulators to address this issue and expects improvements once seed-to-sale regulations are implemented in the third quarter.

Q: What are the expectations for potential regulatory changes under the new administration, and how might this impact Curaleaf's refinancing plans? A: Boris Jordan expressed optimism that the new administration will support adult-use legalization, banking, and rescheduling. While Curaleaf is not planning its business around these changes, they believe the administration will follow through on its commitments. The timing of these changes is uncertain, but Curaleaf is preparing for refinancing in the second half of the year.

Q: What are Curaleaf's plans for expanding into the premium flower segment, and are there any additional investments planned for 2025? A: Boris Jordan stated that most investments in automation and lighting were completed in 2024, and the focus is now on building inventory for premium flower offerings. Curaleaf aims to increase premium flower revenue to 20-25% in its largest markets, with new offerings launching in early April.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.