Curaleaf Holdings has introduced a serious management change, as its CEO of two years, Matt Darin, steps apart to let founding investor Boris Jordan take the reigns.
The announcement got here alongside the publication of Curaleaf’s Q2 outcomes, through which it reported a slight enhance in income alongside a big curbing of losses.
Internet revenues for the three months ended June 30, 2024 got here in at $342.3 million, a year-over-year enhance of two% in comparison with Q2 2023 income of $335.6 million. Sequentially, web income elevated 1%.
It additionally reported a web lack of $49.8 million for the second quarter of 2024, marking a big discount from the $74.4 million loss in the identical interval final yr.
Curaleaf’s efficiency over the previous 4 quarters reveals that it has surpassed consensus EPS estimates solely as soon as, with the newest quarter reflecting an analogous development of underperformance.
The inventory has declined about 15.5% for the reason that starting of the yr, in comparison with the S&P 500’s acquire of 9.9%. The corporate’s income, analysts counsel, signifies modest progress however fails has as soon as once more failed to fulfill consensus estimates.
Govt Chairman Boris Jordan will assume the position of Chairman and CEO efficient August 16, 2024. Jordan, a founding investor in Curaleaf since 2014, has performed a pivotal position within the firm’s progress and strategic path. He’ll now oversee all day-to-day operations, aiming to streamline the group, expedite decision-making, and drive progress initiatives.
He mentioned: “So far, the primary half of 2024 has unfolded as we guided. We’re beginning to see the advantages of the work we initiated 18 months in the past to streamline the enterprise, drive efficiencies in our cultivation amenities, and leverage each home and worldwide progress alternatives.
“Trying to the second half of the yr, these actions will drive an acceleration in each our income and margins as state and nation catalysts develop additional, together with New York, Ohio, and Germany… Our international strategic imaginative and prescient is enjoying out on a number of fronts, but there’s far more for us to perform.”
Outgoing CEO Matt Darin, who has led Curaleaf since Could 2022, will retire however stay as a particular advisor to Jordan till the top of the yr to make sure a easy transition.
He echoed Jordan’s sentiments, stating: “Curaleaf continues to execute its imaginative and prescient of being the worldwide chief in hashish. We’re at a pivotal time for our business, on the cusp of federal reform, and the long run is brilliant. Our worldwide enterprise skilled very good 78% year-over-year progress led by the UK, Germany, and contributions from the Northern Inexperienced acquisition.
“With this worldwide progress in Q2, Curaleaf is leaning into its evolution from an MSO to an MCO, a multi-country operator, a time period which represents our international imaginative and prescient and enterprise that spans 15 nations.”
