|Bid||10.15 x 0|
|Ask||10.19 x 0|
|Day's Range||10.03 - 10.50|
|52 Week Range||0.25 - 15.75|
|Beta (3Y Monthly)||-105.38|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- A former Credit Suisse banker best known for his role in privatizing Russian state assets after the fall of communism is capitalizing on another transformative moment, this time in the U.S.Boris Jordan, 53, is getting rich from cannabis. His 31% stake in Curaleaf Holdings Inc., the biggest U.S. pot company by market value, is worth more than $1 billion, according to the Bloomberg Billionaires Index.Jordan’s road to weed wealth started in 2013 when his Moscow-based private equity firm, Sputnik Group, invested in PalliaTech Inc., a medical-device maker. He and his partners spent more than $100 million to build it into a national chain now called Curaleaf, which announced Wednesday that it’s buying Chicago-based Grassroots Cannnabis in a cash-and-stock deal valued at about $875 million.U.S.-listed shares of Curaleaf advanced 17% to $7.61 at 9:58 a.m. in New York. The stock has surged about 60% this year, giving the company a market value of $3.4 billion.Read more: Weed leader in U.S. expands to Midwest with $875 million dealCuraleaf runs 47 local dispensaries and 13 cultivation sites across 12 states, according to its website. It recently announced it would start selling products containing cannabidiol, or CBD, a non-intoxicating cannabis compound, at CVS Health Corp. stores.Curaleaf’s “vertically integrated business model and aggressive acquisition strategy is well-suited to succeed in the rapidly expanding U.S. legal cannabis market,” said Kenneth Shea, a consumer industry analyst at Bloomberg Intelligence.A green wave is sweeping the U.S., where more than 30 states have legalized cannabis for medical purposes, including about a dozen that permit adult recreational use. The market for legal pot in the U.S. may more than double to $23.4 billion by 2022, according to the Arcview Group, an investment and research firm focused on the cannabis industry.Jordan, a managing director at Credit Suisse First Boston in the 1990s, also runs Measure 8 Venture Partners LP, a pot-focused asset manager that recently launched a hedge fund to make long bets on U.S. cannabis companies while shorting Canadian producers. He declined to comment for this story.In May, Curaleaf bought the regulated cannabis business of Cura Partners Inc., a maker of oil for vape pens, in a stock deal valued at about $950 million --- the largest acquisition involving U.S. cannabis firms. Jordan was already an investor in Cura Partners through Measure 8.The American grandson of Russian aristocrats who fled the Bolsheviks, Jordan helped the Russian government sell off thousands of state enterprises during privatization soon after the collapse of the Soviet Union. The New York University graduate, while heading Credit Suisse’s Moscow office, helped develop the Russian equity market.In 1998, he and his partners founded Sputnik Group, which now has investments in Renaissance Insurance Group and Oxford BioMedica Plc.\--With assistance from Tom Maloney, Devon Pendleton and Sophie Alexander.To contact the reporters on this story: Alex Sazonov in Moscow at email@example.com;Craig Giammona in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Anne Riley Moffat at firstname.lastname@example.org, Peter Eichenbaum, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Massachusetts-based cannabis company Curaleaf Holdings Inc. said Wednesday it was buying multi-state operator GR Companies Inc. in a deal valued at $875 million in cash and stock. Under terms of the deal, Curaleaf will pay $75 million in cash and provide 102.8 million subordinate voting shares and $40 million worth of shares. The acquisition, which is expected to close in early 2020, will increase Curaleaf's presence to 19 states from 12, including Illinois, which legalized adult-use cannabis in June. The combined company will have 131 dispensary licences, 68 operational locations, 20 cultivation sites and 26 processing facilities. Curaleaf's U.S.-listed shares have tumbled 35.1% over the past three months, while the ETFMG Alternative Harvest ETF has lost 11.7% and the S&P 500 has gained 3.6%.
WAKEFIELD, Mass., July 17, 2019 /PRNewswire/ -- Curaleaf Holdings, Inc. (CURA.CN) (CURLF) ("Curaleaf"), a leading vertically integrated cannabis operator in the United States, today announced it has signed a definitive agreement to acquire GR Companies, Inc. ("Grassroots"), the largest private vertically-integrated multi-state operator, in a cash and stock deal valued at approximately $875 million. This transaction solidifies Curaleaf's position as the world's largest cannabis company by revenue and the largest in the U.S. across key operating metrics. The highly complementary acquisition brings together the largest public and largest private multi-state operators in the U.S. to offer a full range of products to consumers in states across the country.
Dave Johnson has been appointed President of Curaleaf Hemp, and Troy Morgan has been appointed Senior Vice President of Compliance. "Our Curaleaf Hemp and Bido brands have become consumer favorites and attracted the attention of major retailers across the country," said Joseph Lusardi , Chief Executive Officer of Curaleaf.
WAKEFIELD, Mass. , June 27, 2019 /CNW/ -- Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a leading vertically integrated cannabis operator in the United States , today announced that it has made two separate acquisitions in Arizona for combined consideration of $25.5 million . Curaleaf entered into an agreement to acquire Glendale Greenhouse, a vertically integrated cannabis business operating a cultivation and processing facility, as well as a prime retail location, with plans to rebrand as Curaleaf after the transaction closes. Glendale Greenhouse holds the master lease on the 15,000 square-foot multi-tenant building where the dispensary is located.
At first glance, cannabis and cryptocurrencies seem to have a lot in common. Both comprise highly speculative markets subject to exuberant highs and crushing lows. The legality and regulation of each has languished in the gray. And to many mainstream investors, both have failed to shake synonymy with the black market.
The nascent marijuana industry has made significant strides over the past several years. But the once-illicit marijuana market still has hurdles to cross before unlocking its full potential, according to executives at some of the world’s leading cannabis companies.
Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) has acquired exclusive rights to operate the Emerald dispensary in Gilbert, Arizona. The dispensary’s license is held by Arizona-based non-profit Absolute Healthcare. The dispensary will be rebranded as Curaleaf following the close of the deal. The deal is valued at $18 million, of which $10 million in cash was paid […]The post Curaleaf Acquires Cannabis Retailer in Arizona appeared first on Market Exclusive.
STORRS, Conn., May 28, 2019 /PRNewswire/ -- Curaleaf Holdings, Inc. (CURA.CN) (CURLF), a leading vertically integrated cannabis operator in the United States, announced it is sponsoring pioneering industrial hemp research being conducted by the University of Connecticut. The goal of the research is to help improve industrial hemp production levels and advance current cultivation processes. Findings have the potential to impact production in the medical cannabis industry.
WAKEFIELD, Mass. , May 21, 2019 /CNW/ -- Curaleaf Holdings, Inc. (CURA.CN) (CURLF) ("Curaleaf"), a leading vertically integrated cannabis operator in the United States , today announced it has acquired exclusive rights to operate the Emerald dispensary in Gilbert, AZ , whose license is held by Absolute Healthcare, Inc., an Arizona non-profit corporation. The dispensary will be rebranded as Curaleaf after the transaction closes. It is one of Arizona's largest and longest standing medical cannabis retailers, serving over 44,000 unique patients since 2014.
Charlotte's Web Holdings (CSE: CWEB) (OTCQX: CWBHF) has priced its underwritten public offering of 7 million common shares at C$20.00 per share for proceeds of approximately C$140 million. INDIVA Limited (TSX-V: NDVA) granted 810,000 incentive stock options to certain employees and an executive officer. The options have an exercise price of $0.80 per share and will be valid […]The post Cannabis Stock News Daily Roundup May 13 appeared first on Market Exclusive.
WAKEFIELD, Mass. , May 10, 2019 /PRNewswire/ -- Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf"), a leading vertically integrated cannabis operator in the United States , today ...