Cannabis Mogul Boris Jordan To Take The Reins At Marijuana Giant Curaleaf

Curaleaf Holdings, Inc. CURA CURLF has appointed its executive chairman Boris Jordan to become the company’s CEO, effective Friday, Aug. 16, 2024.

From his beginnings on Wall Street in the 1980s to building and overseeing one of the largest cannabis companies on the East Coast, Jordan has come a long way.

Jordan’s rise began on Wall Street in 1987 when he worked for the now-defunct investment firm Kidder Peabody with a focus on Latin America. Following the fall of the Soviet Union in 1991, he assisted Russia’s economic transition to capitalism and the launch of the Russian stock market.

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Around 2013, Jordan began eyeing the U.S. cannabis industry. Drawing from his experience in Europe, he said that pursuing opportunities in the U.S. cannabis space is similar to investing in Russia – barriers to entry were and still are incredibly difficult.

He was the founding investor in Curaleaf in 2014 and became executive chairman, a position he has 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 said 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."

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. $CURA $CURLF https://t.co/kCU91A0y5n

— Boris Jordan (@Boris_Jordan) August 7, 2024

Matt Darin, who serves as CEO plans to retire. However, Darin said he would stay on as a special advisor through year-end to ensure an orderly transition.

“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 said. "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 news came in conjunction with the company’s quarterly earnings call, during which Curaleaf reported second-quarter year-over-year revenue growth of 2% to $342 million, and adjusted EBITDA of $73 million, 21.3% of revenue, with operating and free cash flow from continuing operations of $30 million and $6 million, respectively.

Read Next:

• Curaleaf’s Boris Jordan Says Rescheduling Cannabis Will Save His Company $200M In Revenue, Bring Illicit Market In From The Cold (CORRECTED)

CURLF Price Action

Curaleaf's shares traded 0.63% higher at $3.21 per share at the time of writing on Thursday.

Photo: Boris Jordan interviewed at Benzinga Cannabis Capital Conference