Curaleaf Holdings, Inc. CURA CURLF has announced the appointment of Boris Jordan, its executive chairman, as the company’s new CEO, effective Friday, Aug. 16, 2024.
From his early days on Wall Street in the late 1980s to spearheading one of the premier cannabis companies on the East Coast, Boris Jordan’s journey is nothing short of remarkable.
Jordan’s career took flight on Wall Street in 1987, working at the now-defunct investment firm Kidder Peabody, honing his expertise in Latin America. Post the collapse of the Soviet Union in 1991, he played a pivotal role in facilitating Russia’s transition to capitalism and the inception of the Russian stock market.
Around 2013, Jordan turned his gaze towards the U.S. cannabis sector. Drawing on his European experience, he likened entering the U.S. cannabis domain to his earlier ventures in Russia – navigating tough barriers to entry.
Being the founding investor in Curaleaf in 2014 and assuming the role of executive chairman in 2015, Boris Jordan has been instrumental in shaping the company’s trajectory.
Commenting on his new role, Jordan stated, “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. 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, who currently serves as CEO, is set to retire. However, Darin expressed his intention to remain as a special advisor through year-end to ensure a smooth transition.
Reflecting on his journey, Darin shared, “I embarked on my cannabis career over 11 years ago and was honored to contribute to the growth of the Grassroots brand, culminating in its acquisition by Curaleaf in 2020. It was the pinnacle of my career to have been part of this transformative transaction that helped establish the largest cannabis company in the world, and then lead the company as CEO.”
The leadership transition coincided with the company’s quarterly earnings call, where Curaleaf reported a 2% year-over-year revenue growth to $342 million for the second quarter, with adjusted EBITDA of $73 million (21.3% of revenue) and operating and free cash flow from continuing operations amounting to $30 million and $6 million, respectively.
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CURLF Price Movement
At the time of writing, Curaleaf’s shares were trading 0.63% higher at $3.21 per share on Thursday.
Photo: Boris Jordan interviewed at Benzinga Cannabis Capital Conference