Interview, Part 1: Curaleaf CEO Matt Darin
July 2, 2024Curaleaf is one of the leading cannabis companies in the U.S., with sales of $1.35 billion last year. The company has 150 dispensaries and 21 cultivation sites across medical and adult-use markets in states across the country.
In late June, Curaleaf announced a new line of hemp-derived THC drinks and gummies, allowing the company to tap into new markets and move into retailers beyond the dispensary channel. SNDC senior editor Shane English recently spoke with Curaleaf CEO Matt Darin about the launch of new hemp-derived THC beverages and gummies under the Select brand.
SNDC: Can you walk us through the new hemp-derived THC portfolio?
Darin: We’re starting with an initial launch of beverages and gummies. On the beverage side, we’ve got our Select Zero Proof seltzer in four flavors to start. The seltzer has our fast acting, nano emulsion technology that we’ve used in other products. It works really well and provides a consistent, quick onset experience. The beverage category is very, very compelling right now. It’s really beginning to get adopted by consumers in a very big way now that distribution’s opening up.
In addition to beverages, we have a line of gummies that are similar to the ones we have for the regulated cannabis industry. We’ve got our fast-acting bites, our classic bites, and our snooze bites, which are sleep gummies, which are very popular. And then our X Bites, which is our proprietary extended release technology.
SNDC: How are you planning to differentiate Curaleaf’s hemp-derived THC products from the competition?
Darin: The brand Select being one of the largest brands in the regulated cannabis market I think brings a level of credibility and awareness that we make high-quality, safe, tested products. The science that goes into how we make our products is at a leading edge in the industry. As it relates to the dosing, as it relates to the actual experience, the effect you’re going to get, whether it is the fast acting or extended release, Select is a reliable, consistent experience.
We’ve very transparent on supply chain and the way that we’re procuring the inputs, the way that we’re labeling the products, the third-party testing—all of that I think is another level above what this industry is seeing to date, and I think it’s a real differentiator.
SNDC: Where will the new drinks and gummies be available?
Darin: We’re starting with direct to consumer through the online marketplace that we’ve created called the Hemp Company. We’re also going to have our products available with DoorDash in up to 20 states, focusing initially on some of the largest markets where DoorDash operates like Florida, Texas, Illinois, New Jersey, and Minnesota.
SNDC: What about traditional retail?
Darin: We’re going to have more information on the retail side coming soon. But we’re working with a number of the largest distributors and retailers in the space that are currently selling hemp beverages and gummies.
Our initial strategy has been to focus first on the direct to consumer and get this launched through the DoorDash partnership. But certainly the opportunity to be selling directly through some of the largest liquor stores and convenience stores and grocery and some of these new types of retailers that are now carrying these products is very compelling.
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