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August 8, 2024

Without fanfare, world’s largest publicly traded cannabis company lists a new CT HQ address

CoStar Shippan Landing at 290 Harbor Drive, Stamford
By Andrew Larson

Did the world’s largest publicly traded cannabis company quietly relocate its headquarters to Connecticut?

It appears so. 

Curaleaf Holdings Inc. lists its “principal business address” as 290 Harbor Drive, in Stamford, according to an Aug. 7 filing with the Toronto Stock Exchange, where the company’s stock is traded. 

The property at 290 Harbor Drive, called Shippan Landing, is a 17-acre luxury office complex with waterfront views. It is a short walk from the Stamford Train Station and has a marina.

The company’s first press release to use a Stamford dateline was issued on June 24. Prior to that, Curaleaf listed its headquarters on Lexington Avenue in New York City, and before that, it was based in Wakefield, Massachusetts. A spokesperson for Curaleaf said the New York and Massachusetts offices have closed.

A spokesperson for the state Department of Economic and Community Development said the agency did not provide any assistance to Curaleaf.

As of June 30, Curaleaf had operations in 17 U.S. states, operating 146 dispensaries, 19 cultivation sites and 22 processing sites.

It’s a significant player in Connecticut’s cannabis market, operating legal marijuana dispensaries in Groton, Hartford, Manchester and Stamford, and a large grow facility in Simsbury. 

Internationally, the company is licensed to cultivate cannabis in Portugal and Canada. It has four cannabis processing and manufacturing facilities in Germany, Spain, Canada and the United Kingdom, and is licensed to distribute cannabis in Germany, Poland, Canada, Switzerland and the U.K. 

Further, Curaleaf sells wholesale cannabis to Australia, New Zealand, the U.K. and across Europe, including Germany, Italy and Poland.

In 2023, the company reported $1.3 billion in net revenues, up 5.5% from a year earlier, but a loss of $290 million, an improvement from a $376.9 million loss in 2022. 

Amid those losses, Curaleaf has pulled back in parts of the U.S. market. In January 2023, it announced plans to close its production and cultivation operations in California, Colorado and Oregon.

CEO change

Meantime, Curaleaf announced on Wednesday that its board named Executive Chairman Boris Jordan to the positions of chairman and CEO, effective Aug. 16. 

The current CEO, Matt Darin, will continue as a special adviser until the end of the year.

The announcement occurred during the company’s second-quarter earnings call. Curaleaf reported net revenue of $342 million during the quarter, an increase of 2% from the second quarter of 2023, but an overall loss of $49.8 million. 

During the first six months of 2024, Curaleaf said it made $37.8 million in capital investments, including cultivation, automation and retail expansion in strategic markets.

Jordan, the new CEO, co-founded Curaleaf in 2014. He held the position of executive chairman since 2015.

He has been the subject of controversy over his history of business dealings in Russia.

According to a 2022 report in The Guardian, Jordan spent most of two decades in Russia and earned a reputation “as the country’s most prominent foreign investment banker.”

The publication also reported that Jordan admitted he “once had a close relationship with (Russian President Vladimir) Putin.”

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