Curaleaf Holdings, Inc. CURA CURLF has named Boris Jordan, its executive chairman, as the new CEO effective Friday, Aug. 16, 2024.
Embarking on Wall Street back in the gritty ’80s, Boris Jordan has now emerged as a titan, spearheading one of the East’s largest cannabis conglomerates.
Jordan’s odyssey commenced when he delved into Wall Street in 1987, toiling at the now-defunct investment behemoth Kidder Peabody, honing his skills in matters concerning Latin America. Post the Soviet Union’s disbandment in ’91, he aided Russia’s genesis of a capitalist economy and inauguration of its stock exchange.
Flush with Success: The American Dream Embodied by Cannabis Maestro Boris Jordan, Architect of Curaleaf
Around 2013, casting a keen eye on the U.S. cannabis realm, Jordan drew upon his European exploits, likening delving into the American cannabis domain to investing in Russia – formidable barriers impeded and still obstruct entry.
The very progenitor of Curaleaf in 2014, Jordan assumed the mantle of executive chairman, a title he has embellished as of ’15.
“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 missive. “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 incumbent CEO, intends to bow out gracefully. Nonetheless, Darin pledged to linger as a special counselor till year-end, orchestrating an orderly handover.
“I embarked on my cannabis career over 11 years ago, and was honored to help grow the Grassroots brand, and ultimately sell it to Curaleaf in 2020,” Darin reminisced. “It was the pinnacle of my career to have been a part of this transformative transaction that helped create the largest cannabis company in the world, and then to go on and lead the company as CEO.”
The revelation coincided with the company’s post-quarterly earnings call, unveiling a second-quarter revenue spike of 2% compared to the previous year, amounting to $342 million. Additionally, adjusted EBITDA stood at $73 million, encapsulating 21.3% of revenue, with operating and free cash flow from continuing operations tallying at $30 million and $6 million, correspondingly.
Peek Into the Future:
CURLF Stock Movement
Curaleaf’s shares notched up a 0.63% surge, reaching $3.21 per share at the time of scripting this piece on Thursday.
Snapshot: Boris Jordan’s candid chat at the Benzinga Cannabis Capital Conference