Leading international provider of consumer products in cannabis, Curaleaf Holdings Inc., has announced its board-appointed Executive Chairman Boris Jordan will become both chairman and CEO of the company effective Aug. 16, 2024. The current CEO, Matt Darin, plans to retire but has opted to stay on as a special adviser through the end of 2024 to oversee the transition.
This announcement coincided with the company’s quarterly earnings call. Curaleaf reported second-quarter year-over-year revenue growth of 2%, reaching $342 million. The company also posted an adjusted EBITDA of $73 million, marking a 21.3% increase in revenue. Additionally, Curaleaf maintained an operating cash flow of $30 million and a free cash flow from continuing operations of $6 million.
Boris Jordan Takes Over as CEO
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. In my role as chairman and CEO, I have the incredible opportunity to further realize the vision I’ve had for what Curaleaf can ultimately become. 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.
“While I have remained close to the business as executive chairman, in my expanded role as CEO I will be able to effectuate further streamlining of the organization, speed up decision-making, accelerate growth initiatives, and drive margin expansion. Along with the entire Curaleaf team, I am deeply appreciative to Matt Darin for his dedication to Curaleaf for so many years, and wish him all the best as he devotes more time to his family. I look forward to having him serve as a special adviser to me through year-end to assist in the transition.”
Jordan became the Executive Chairman in 2015 after serving as a founding investor of Curaleaf in 2014. His influence has helped the company become an industry leader over the last decade.
His business ventures in cannabis began with his initial investment in Palliatech, Curaleaf’s predecessor. Palliatech started in 2010 as a medical device company dedicated to helping late-stage cancer patients use medical-grade cannabis. Jordan then helped pivot the company into medical cannabis dispensaries, opening its first location in New Jersey in 2015, where it supported both medical patients and adult-use customers. Today, the company spans 17 states, 15 countries, and over 5,000 team members, boasting 147 dispensaries across the US.
Beyond the cannabis industry, Jordan is an American entrepreneur who has co-founded many multibillion-dollar businesses across technology, financial services, and energy industries. His unique leadership perspective stems from his career in investing in emerging markets, making him especially suited to the cannabis industry and his decade of work in the industry.
Matt Darin’s Retirement and Transition
Matt Darin, Curaleaf’s retiring CEO, said, “I would like to thank Boris, the entire Curaleaf team, and the cannabis industry as a whole for their support as I retire from my position leading the best cannabis company in the world. 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. 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.
“I became CEO in May 2022, and in those two-plus years, I believe we have built something incredible together. Despite all of the wins we’ve had as a team, I have decided to retire from my post as CEO to focus on spending time with my family. I’m grateful to Boris for giving me the opportunity, and I will stay on as a special adviser to the CEO until year-end to ensure there is an orderly transition as Boris steps in to lead Curaleaf into the future. I leave knowing the business is foundationally stronger today than when I found it, and more importantly, that Curaleaf’s best days are yet to come.”
