Curaleaf Announces Rising Revenue, CEO Change
November 24, 2020Massachusetts-based Curaleaf saw revenues jump 55% sequentially in the third quarter to $195 million, with adjusted EBITDA up 51% to $42 million. The company has also named president Joseph Bayern as the successor for outgoing CEO Joseph Lusardi, who will remain on the company’s board as executive vice chairman, effective January 1.
Bayern joined Curaleaf in December 2019, after previously serving as president of vertically integrated cannabis operator Indus Holdings. Since joining the group, he’s credited with driving revenue, integrating the company’s recent Grassroots acquisition, and helping Curaleaf adapt to the challenges raised by the pandemic.
Lusardi said Curaleaf is well-positioned for further gains as more states open up to recreational cannabis. “Looking forward, we expect our growth will be driven by organic initiatives, increased capacity, and dispensaries in key states and the rollout of adult use in Arizona and New Jersey,” he said.—Daniel Marsteller
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