Russian Oligarch Earns a Billion in the U.S. Medical Marijuana Industry

Boris Jordan, the owner of Renaissance Insurance, has become a billionaire by building the largest medical marijuana producer in the United States. According to Forbes, his net worth is estimated at $1.2 billion.

The foundation of Jordan’s wealth is his stake in the American medical marijuana company Curaleaf. At the end of 2018, Curaleaf went public on the Canadian stock exchange (the IPO was held in Canada because marijuana is not legalized at the federal level in the U.S.). The company managed to raise $400 million and reached a market capitalization of $4 billion, making it the largest player in the industry.

In 2019, Curaleaf acquired GR Companies, which at the time was the largest private cannabis operator in the U.S. As a result, Curaleaf expanded its presence from 12 to 19 states and increased its potential customer base to 177 million people.

Boris Jordan is the owner of Renaissance Insurance and the former head of the NTV television channel and Gazprom Media holding. He invested in Curaleaf in 2017, with a total investment of $100 million.