Curaleaf Names New CEO, As Florida Footprint Hits 50 StoresMay 10, 2022
Massachusetts-based cannabis player Curaleaf has appointed Matt Darin as CEO, replacing Joe Bayern, who will launch and run a new division of Curaleaf developing a new CPG-based business model, according to the company. Darin, who was named president of Curaleaf in January, came to the group through its 2020 acquisition of Grassroots.
In recent days, Curaleaf launched Select CBD Bites, an offshoot of its popular Select brand. Available across the U.S. both in-store and online, they include Snooze, Recover, and Chill expressions. Snooze is formulated with a 1:1 ratio of CBD and CBN, while Recover has a 1:1 ratio of CBD and CBG, and the Chill version is infused with CBD. Last year, Curaleaf announced a national distribution agreement with Southern Glazer’s Wine & Spirits. Select CBD Bites will be available in 30-pack, 10-pack and 2-pack formats across Southern Glazer’s distribution network, as well as online.
Meanwhile, Curaleaf is planning to open three new dispensaries in Florida’s booming medical market, which will bring its store count in the Sunshine State to 50 outlets, out of a total of 133 Curaleaf stores open nationwide. The new Florida stores are to be located in Bradenton, Tampa, and Orlando, and are slated to be open by the end of the month, marking eight new Curaleaf locations in Florida since the start of the year.
Curaleaf also posted results for the first quarter, with revenue up 20% year-on-year to $313 million and adjusted EBITDA rising 16% to $73 million. “We saw strong month-over-month growth beginning in March and heading into the second quarter, boosting confidence in our ability to hit full year revenue guidance of $1.4 billion to $1.5 billion,” said executive chairman Boris Jordan.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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