Russian Oligarch Takes Over the American Cannabis Market

The largest American company producing cannabis and medical products based on it, Curaleaf, has acquired the biggest private operator in the cannabis market, GR Companies. The deal was valued at $875 million, according to a statement on Curaleaf’s website.

This acquisition allowed Curaleaf to expand its presence in the U.S. market from 12 to 19 states. After this expansion, the company potentially increases its customer base to 177 million people. In addition, gaining control over GR Companies has strengthened Curaleaf’s position as the world’s largest cannabis producer by revenue and as the biggest American cannabis company.

At the end of last year, it became known that Curaleaf entered the Canadian stock exchange. The company managed to raise $400 million and reach a market capitalization of $4 billion, making it the largest player in the market.

The main owner of Curaleaf is Russian-American businessman Boris Jordan, a shareholder of Renaissance Insurance and former head of NTV channel and Gazprom Media holding. He invested in Curaleaf in 2017.

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