Curaleaf stock looks to be closing out the year, despite some sharp losses earlier in 2019, after Chairman Boris Jordan was named on Bloomberg Businessweek's 2019 Bloomberg 50.
Jordan Leads Curaleaf Through Impressive Year
The prestigious annual list recognizes innovators, entrepreneurs, and leaders who have changed the global business landscape in measurable ways over the past year. Under Jordan's leadership, Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) is positioned to become the world's largest cannabis company after some impressive expansions this year. In 2019 alone, Curaleaf announced the acquisitions of Select, a leading cannabis wholesale brand in the US, and Grassroots, which will expand Curaleaf's presence from 12 to 19 states. Curaleaf stock is trading for $7.62.
Jordan made a name for himself by leading Credit Suisse Group AG’s Moscow office, where he helped privatize Russian state assets after the fall of communism. Since buying Curaleaf Holdings in 2013, he has turned it into a $2.5 billion USD valued company and has cut some big-money deals over the last 18 months, with Curaleaf stock going from as little as $0.19 to its current value in that period. In September, Jordan became the first billionaire to emerge from the cannabis industry.
While Jordan's ascension to the pinnacle of the pot industry is clearly impressive and certainly justifiably recognized by Bloomberg, it hasn't been entirely smooth sailing for the company. In July, Curaleaf Holdings was handed a warning by the FDA after claiming that its CBD products could be used to treat serious health conditions, which is in breach of regulations regarding false proprietary claims. Following that warning, Curaleaf stock dropped nearly 10%.
Curaleaf Stock Sees Out 2019 Strongly
However, Curaleaf's most recent earnings published last month show that that scandal had next to no bearing on the company's financial performance. In the third quarter, Curaleaf generated total revenue of $61.8 million USD, a 27% increase from the previous quarter. Given its significant retail expansion in 2019, the company also saw total sales rise by 34% to $51 million USD. Curaleaf stock has gained 25% in the last month as the company looks to finish the year in a position of strength.
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