Marijuana MSO Curaleaf posts record revenues, discloses CEO change

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Marijuana multistate operator Curaleaf Holdings on Tuesday announced record quarterly sales and an impending CEO change to a consumer packaged goods veteran.

Joseph Bayern, who joined Massachusetts-based Curaleaf in December 2019, will replace Joseph Lusardi as the company’s CEO, effective Jan. 1, 2021.

Bayern previously served as president of Indus Holdings, a vertically integrated cannabis company in California, and has management and operations experience with Dr. Pepper Snapple Group and Cadbury.

Lusardi, who guided Curaleaf from a single medical cannabis dispensary in New Jersey to an MSO with operations in 23 states, will become the company’s executive vice chair of the board.

In a statement, Boris Jordan, Curaleaf’s executive chair and one of its prime financial backers, praised Lusardi’s “unique vision in growing Curaleaf to be (the) leading, vertically integrated, multistate cannabis company it is today.”

Jordan characterized Bayern as an “outstanding leader with a proven track record of success.”

Curaleaf became bigger in July when it completed its acquisition of Illinois-based Grassroots Cannabis.

The Wakefield, Massachusetts-based company posted total revenue of $182.4 million for the third quarter ended Sept. 30, nearly triple the $61.8 million in the same period of 2019.

Losses totaled $9.3 million in the quarter, compared with $6.8 million in the same period of 2019.

Curaleaf is well-positioned for new and potential adult-use markets, with operations in Arizona, New Jersey, New York and Pennsylvania among its 23-state footprint.

Curaleaf trades on the Canadian Securities Exchange under the ticker symbol CURA, and on the U.S. over-the-counter markets as CURLF.