Curaleaf chairman Boris Jordan is the first and only person so far to make $1 billion from the legal cannabis industry, according to a report from Forbes. Jordan owns a 31 percent in Curaleaf — the sixth-largest cannabis company in the world and the largest by market cap in the U.S. — and is worth $1.1 billion.
Curaleaf owns and operates 48 medical cannabis dispensaries in 12 states. In May, Curaleaf announced it acquired Cura Partners, owners of cannabis brand “Select” in an all-stock, $1 billion deal. Select is sold at more than 900 retailers in the U.S. In July, the company said it had a deal in place to bring “Grassroots” into the fold for $875 million in cash and stock. Once finalized, the company will become the largest cannabis company in the world by revenue.
Jordan also founded cannabis industry investment firm “Measure 8 Venture Partners”, who announced in May that they were aiming to raise $100 million for the fund, according to Bloomberg. Measure 8 owned about 12 percent of Cura Partners which made them a “multiple bagger” on the deal, according to the report.
Jordan is best known for privatizing Russian state-owned assets as the head of Credit Suisse’s investment banking division First Boston after the fall of the Soviet Union in the 1990s.
Curaleaf Holdings Inc. spent $200,000 on federal lobbying efforts during the last quarter — more than any other cannabis firm that spent on lobbying efforts.
Jordan is also the chairman of both private equity firm “Sputnik Group” and Russian company “Renaissance Insurance”.
This article came from Ganjapreneur.com and was written by TG Branfalt