Curaleaf Stock Drops After Company Names New President

Curaleaf stock

Curaleaf stock is trading down slightly on Tuesday after Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) appointed Joe Bayern as the company's new president.

One Eye on 2.0 Market with New Appointment

Bayern joins Curaleaf from INDUS Holdings, also a cannabis company. Prior to working at INDUS, he served as CEO of beverage company VOSS and before that, spent 15 years working on several prominent business transformations, including the creation of $6 billion USD Dr. Pepper Snapple Group (NYSE:DPS) and the transformation of Cadbury into a singularly focused confectionary leader. His expertise in the food and beverage sector will undoubtedly help Curaleaf Holdings benefit in the 2.0 market, where such products will be in high demand. Curaleaf stock is trading for $6.55 this morning.

"[Joe's] experience in senior leadership roles in consumer goods, and most recently cannabis, will greatly enhance our ability to operate and excel in our next phase of growth," said Curaleaf Chief Executive Joseph Lusardi. New Curaleaf President Joe Bayern said, "For me, Curaleaf stands out as the most dynamic business in the industry, and I'm looking forward to working with Joe Lusardi and the rest of the team to continue our leadership in this sector." Despite the announcement, Curaleaf stock is currently trading down about 0.6%.

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Curaleaf Stock Boosted By Strong Leadership

It's more good news for the cannabis company at senior level after the company's Chairman Boris Jordan was named on Bloomberg Businessweek’s 2019 Bloomberg 50. The annual list recognizes business leaders, innovators, and entrepreneurs who have changed the global enterprise landscape in a measurable way in 2019. Jordan previously led Credit Suisse Group AG’s Moscow office and was involved in the privatization of the nation's assets after the collapse of communism. Curaleaf stock has gained about 5.5% since Jordan was recognized.

Boris Jordan first purchased Curaleaf Holdings back in 2013 and since then has brought the company's valuation to around $2.5 billion USD, making him the first billionaire in the cannabis space. Just over 18 months ago, Curaleaf stock was trading for as little as $0.19 and now floats around the $6.50 mark with potentially bigger gains to come in the year ahead.

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