Curaleaf Appoints Executive Chairman Boris Jordan as CEO

STAMFORD, Conn., Aug. 7, 2024 – PRESS RELEASE – Curaleaf Holdings Inc., a leading international provider of consumer products in cannabis, announced that its board appointed Executive Chairman Boris Jordan to become chairman and CEO of the company, effective Aug. 16, 2024. Current CEO Matt Darin plans to retire but will stay on as a special adviser through the end of the year 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.

"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 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 was the founding investor in Curaleaf in 2014, and then became executive chairman, a position he has held since 2015. He has had a significant impact on the company's emergence as an industry leader for the past decade.

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 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 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, Jordan is an American entrepreneur, who has co-founded numerous multibillion dollar businesses across financial services, technology and energy industries. 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," Darin said. "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.”