Curaleaf Holdings, Inc. CURA CURLF ushers in a new era with the appointment of Boris Jordan as its CEO, starting Friday, Aug. 16, 2024.
Boris Jordan’s journey from Wall Street in the 1980s to the forefront of the East Coast cannabis industry is a testament to his grit and determination.
His path began on Wall Street in 1987, where he navigated the financial landscape for the now-defunct Kidder Peabody, focusing on Latin America. Post the collapse of the Soviet Union in 1991, he played a crucial role in Russia’s transition to capitalism and the establishment of the Russian stock market.
Around 2013, drawing from his European experiences, Jordan set his sights on the challenging terrain of the U.S. cannabis market. He likened the venture to his earlier investments in Russia, both riddled with formidable entry barriers.
With his inaugural investment in Curaleaf in 2014, Boris Jordan assumed the position of executive chairman, a role he has gracefully held since 2015.
Expressing his dedication to Curaleaf’s growth since 2014, Jordan emphasized his commitment to propelling the company to the zenith of the global cannabis sphere amidst shifting regulations. In his own words, “As I step into the CEO role to oversee all day-to-day operations, and navigate the strategic direction of the company, I will work tirelessly for our customers, our shareholders, and our team members to ensure the company reaches its fullest potential.”
Matt Darin, the current CEO, is set to retire. However, he will remain on board as a special advisor until year-end to ensure a seamless transition.
Reflecting on his 11-year journey in the cannabis realm, Darin expressed pride in nurturing the Grassroots brand and overseeing its acquisition by Curaleaf in 2020. He highlighted the transformative nature of this transaction, which catapulted the company to its status as the largest cannabis enterprise globally, culminating in his appointment as CEO.
The announcement coincided with Curaleaf’s quarterly earnings call, where the company revealed a 2% year-over-year revenue surge to $342 million in the second quarter. Alongside, the adjusted EBITDA stood at $73 million, equating to 21.3% of revenue, with operating and free cash flow from continuing operations at $30 million and $6 million, respectively.
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CURLF Price Action
At the time of writing, Curaleaf’s shares edged up by 0.63% to $3.21 per share.
Photo: Boris Jordan interviewed at Benzinga Cannabis Capital Conference