Curaleaf Holdings, Inc. CURA CURLF has named executive chairman Boris Jordan as the company’s new CEO, effective Friday, Aug. 16, 2024.
From his Wall Street beginnings in the 1980s to his stewardship of one of the East Coast’s largest cannabis firms, Jordan’s journey has been one of relentless growth and vision.
Jordan’s narrative commences on Wall Street in 1987, with his tenure at the now-defunct Kidder Peabody, where his focus on Latin America laid the groundwork for his future ventures. Post the disintegration of the Soviet Union in 1991, Jordan immersed himself in Russia’s economic evolution towards capitalism and the establishment of the Russian stock market.
Around 2013, Jordan set his sights on the U.S. cannabis sector, drawing parallels from his European experiences, likening the landscape to that of investing in Russia, where the barriers to entry were formidable. In 2014, he became the pioneer investor in Curaleaf, assuming the role of executive chairman, a position he has occupied since 2015.
Reflecting on his journey, Jordan remarked, “Since 2014, it has been a career highlight to nurture Curaleaf’s growth, steering it towards becoming a cornerstone of the global cannabis sector as laws against cannabis gradually dissolve. My assumption of the CEO role reflects my commitment to overseeing daily operations, charting the company’s strategic trajectory, and driving it to realize its full potential for our clientele, investors, and team members.”
Matt Darin, the current CEO, is set to retire. Darin expressed his intent to act as a special advisor through the year’s end to facilitate a seamless transition.
Sharing his sentiments, Darin stated, “Over 11 years ago, I embarked on my cannabis journey, contributing to the growth of the Grassroots brand, culminating in its acquisition by Curaleaf in 2020. This period marked the pinnacle of my career, as I played a pivotal part in this transformative transaction that led to the creation of the world’s largest cannabis entity, subsequently assuming the CEO mantle.”
The leadership shift coincided with Curaleaf’s quarterly earnings call, where the company unveiled a 2% year-over-year revenue upsurge to $342 million for the second quarter, coupled with an adjusted EBITDA of $73 million, accounting for 21.3% of revenue. Operating and free cash flows from ongoing operations stood at $30 million and $6 million, respectively.
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CURLF Price Action
Curaleaf’s shares were trading 0.63% higher at $3.21 per share at the time of writing on Thursday.
Photo: Boris Jordan interviewed at Benzinga Cannabis Capital Conference
