Russian Oligarch Raises Millions from Americans for Cannabis Company

The American company Curaleaf, which produces cannabis and medical products based on it, has gone public on the Canadian stock exchange, according to an official statement from the organization. The company managed to raise 530 million Canadian dollars, equivalent to 400 million US dollars. As a result, Curaleaf’s total market capitalization reached four billion dollars, making it the largest player in the market.

According to the company, the main buyers of shares during the offering were American and Canadian institutional investors, as reported by Reuters.

Why Curaleaf Chose the Canadian Exchange

For its IPO (initial public offering), Curaleaf chose the Canadian Securities Exchange (CSE). The CSE is considered an alternative platform for developing companies due to its lower requirements for capital size and reporting. Curaleaf was unable to list on American exchanges because U.S. laws currently allow the free circulation of recreational cannabis in only eight states.

Boris Jordan: The Main Owner of Curaleaf

The main owner of Curaleaf is Russian-American businessman Boris Jordan, who is also a shareholder of Renaissance Insurance and the former head of NTV. Boris Jordan, the former head of the NTV television channel and Gazprom Media holding, invested in Curaleaf (then called PalliaTech Inc.) in the fall of 2017. His investment amounted to 100 million dollars. Jordan’s primary business remains the Russian insurance company Renaissance Insurance. The entrepreneur holds U.S. citizenship.