Board Appoints Executive Chairman Boris Jordan as Chairman and Chief Executive
Officer
Outgoing CEO Matt
Darin to Retire but Will Stay
on as Special Advisor Through Year End
STAMFORD, Conn., Aug. 7, 2024
/PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF)
("Curaleaf'' or the "Company"), a leading international provider of
consumer products in cannabis, today announced that the Board
has appointed Executive Chairman Boris
Jordan to become Chairman and Chief Executive Officer (CEO)
of Curaleaf Holdings, Inc., effective August
16, 2024. Current CEO Matt
Darin plans to retire but will stay on as a special advisor
through year end to ensure an orderly transition.
The announcement was made 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.
Executive Chairman Boris 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 advisor to me through year end to assist in the
transition."
Boris Jordan was the founding
investor in Curaleaf in 2014, and then became Executive Chairman, a
position he has held since 2015. He has made a significant impact
on the Company's emergence as an industry leader for the past
decade. Mr. Jordan saw early promise in the cannabis industry and
initially invested in Palliatech, which later became Curaleaf.
Palliatech began in 2010 as a medical device company created to
help late-stage cancer patients use medical grade cannabis. Under
Boris Jordan's leadership, the
Company pivoted into medical cannabis dispensaries and opened its
first location in New Jersey in
2015, remaining dedicated to supporting medical patients as well as
welcoming adult-use customers. Today, under Mr. Jordan's
leadership, the company spans 17 states, 15 countries and more than
5,000 team members, with 147 dispensaries across the U.S. Outside
of cannabis, Mr. Jordan is an American entrepreneur, who has
co-founded numerous multi-billion dollar businesses across
financial services, technology, and energy industries. Mr. Jordan's
career investing in emerging markets has afforded him a unique
leadership perspective he has applied to the cannabis industry over
the past decade.
"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," said
Matt Darin. "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 advisor 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."
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX:
CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international
provider of consumer products in cannabis with a mission to enhance
lives by cultivating, sharing and celebrating the power of the
plant. As a high-growth cannabis company known for quality,
expertise and reliability, the Company and its brands, including
Curaleaf, Select, Grassroots, JAMS, Find, Zero Proof and The Hemp
Company provide industry-leading service, product selection and
accessibility across the medical and adult use markets. Curaleaf
International is the largest vertically integrated cannabis company
in Europe with a unique supply and
distribution network throughout the European market, bringing
together pioneering science and research with cutting-edge
cultivation, extraction and production. Curaleaf is listed on the
Toronto Stock Exchange under the symbol CURA and trades on the
OTCQX market under the symbol CURLF. For more information, please
visit https://ir.curaleaf.com.
Forward Looking Statements:
This media advisory
contains forward-looking statements and forward-looking information
within the meaning of applicable securities laws. These statements
relate to future events or future performance. All statements other
than statements of historical fact may be forward–looking
statements or information. Generally, forward-looking statements
and information may be identified by the use of forward-looking
terminology such as "plans", "expects" or "proposed", "is
expected", "intends", "anticipates", or "believes", or variations
of such words and phrases, or by the use of words or phrases which
state that certain actions, events or results may, could, would, or
might occur or be achieved. More particularly and without
limitation, this news release contains forward-looking statements
and information concerning the CEO transition at Curaleaf. Such
forward-looking statements and information reflect management's
current beliefs and are based on assumptions made by and
information currently available to the company with respect to the
matter described in this new release. Forward-looking statements
involve risks and uncertainties, which are based on current
expectations as of the date of this release and subject to known
and unknown risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements. Additional information about these assumptions and
uncertainties is contained under "Risk Factors and Uncertainties"
in the Company's latest annual information form filed on
March 6, 2024, which is available
under the Company's SEDAR profile at http://www.sedar.com, and in
other filings that the Company has made and may make with
applicable securities authorities in the future. Forward-looking
statements contained herein are made only as to the date of this
press release and we undertake no obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
We caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. The
Toronto Stock Exchange has not reviewed, approved or disapproved
the content of this news release.
Contacts:
Investor Contact:
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment
Officer
IR@curaleaf.com
Media Contact:
Curaleaf Holdings, Inc.
Jordon Rahmil, VP of Public Relations
media@curaleaf.com
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SOURCE Curaleaf Holdings, Inc.