Curaleaf Holdings, Inc. CURA CURLF has announced the appointment of Boris Jordan as the company’s new CEO, effective Friday, Aug. 16, 2024.
From his origins on Wall Street in the late 1980s to his current position overseeing one of the preeminent cannabis organizations on the East Coast, Jordan’s journey is nothing short of remarkable.
Jordan’s career kicked off on Wall Street in 1987 at the now-defunct firm Kidder Peabody, focusing on Latin America. Following the disbandment of the Soviet Union in 1991, he played a pivotal role in Russia’s shift to capitalism and the establishment of the Russian stock market.
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Around 2013, Jordan set his sights on the U.S. cannabis sector. Drawing from his European experience, he likened entering the American cannabis space to investing in Russia – both presented formidable entry barriers.
Jordan was the inaugural investor in Curaleaf in 2014 and assumed the position of executive chairman, a role he has dutifully held since 2015.
“Since 2014, it has been a highlight of my career to focus on growing Curaleaf to become the leader of the global cannabis industry as prohibition in the US and around the globe fades,” Jordan expressed in a press release. “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. Nevertheless, Darin pledged to remain as a special advisor until the year’s conclusion to ensure a seamless handover.
“Over a decade ago, I ventured into the cannabis realm, and it was humbling to contribute to the growth of the Grassroots brand, culminating in its acquisition by Curaleaf in 2020,” Darin reflected. “Being part of this transformative deal that led to the formation of the world’s largest cannabis entity, and subsequently taking the reins as CEO, stands as the pinnacle of my professional journey.”
This development coincided with the company’s quarterly earnings call, where Curaleaf announced a year-over-year revenue uptick of 2% in the second quarter, totaling $342 million, alongside an adjusted EBITDA of $73 million, equivalent to 21.3% of revenue, and operating and free cash flow from ongoing activities of $30 million and $6 million, respectively.
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CURLF Price Action
As of the time of writing, Curaleaf’s stocks were trading 0.63% higher at $3.21 per share.
Photo: Boris Jordan interviewed at Benzinga Cannabis Capital Conference