Boris Jordan, Former NTV Director, to Become CEO of Curaleaf
On August 16, Boris Jordan, the former CEO of the Russian TV channel NTV and founder of the American cannabis company Curaleaf, will take over as the company’s Chief Executive Officer. Jordan, a prominent businessman, will now lead one of the largest players in the cannabis industry.
From Wall Street to Cannabis Industry Leader
Born in New York State in 1966, Boris Jordan began his career in 1987 at the investment firm Kidder Peabody, headquartered on Wall Street. After the collapse of the Soviet Union in 1991, he helped transition Russia’s economy to capitalism and played a role in launching the country’s stock market. In 2001, Jordan became the head of NTV and Gazprom-Media, but a few years later, he decided to enter the cannabis business in the United States. He founded Curaleaf in 2014 and became Chairman of the Board in 2015.
Overcoming Legal Barriers and Achieving Success
Jordan was drawn to the American cannabis industry despite significant legal hurdles, which he compared to the challenges investors faced in Russian organizations. His bet on the cannabis sector paid off: Curaleaf now ranks third among cannabis companies by market capitalization, reaching $2.3 billion.
Leadership Transition at Curaleaf
Boris Jordan will replace Matt Darin as CEO. Darin, who began his career in the cannabis industry in 2013, has served as CEO since 2020. He is retiring but will remain as an advisor through the end of the year to help Jordan transition into the role.
Curaleaf’s Financial Performance
Revenue Growth Amid Ongoing Losses
In 2021, Curaleaf outperformed all other publicly traded cannabis companies in terms of revenue, earning $1 billion. However, the company has yet to turn a profit. According to the latest financial report, Curaleaf posted a loss of $49.8 million in the second quarter of 2024, which is 33% less than the loss recorded in the same period of 2023.
Positive Signs for Shareholders
There is good news for Curaleaf shareholders: in the first half of 2024, the company’s revenue increased by 2%, reaching $678.4 million. Jordan also noted a 50% increase in gross profit in the second quarter, apparently due to cost reductions.
Market Reaction
Traders responded positively to the news of Boris Jordan’s appointment as CEO. Over the past 24 hours, Curaleaf’s stock price rose by 5%, reversing the downward trend that began in July.