Feb 3, 2020

Curaleaf taps former MGM executive as CFO as Select deal closes

Retail lag expected to hit Cannabis 2.0 sales


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Curaleaf Holdings Inc. announced several management changes Monday in conjunction with the closing of its Select acquisition, a deal that will make it into the largest U.S. cannabis company by footprint.

Executive Chairman Boris Jordan said his goal is to make Select, best known for its vaping products, into the first national cannabis brand.

“I think by the end of this year you’ll see it in all the 35 states that have legalized cannabis, that’s our goal with the Select brand,” Jordan said in a phone interview. “We can do it very quickly because of the infrastructure that we’ve invested in and the licenses that we’ve obtained over the years.”

The Wakefield, Massachusetts-based company now has 53 open dispensaries, and it will be in 22 states once its pending acquisition of Illinois-based Grassroots closes.

Along with the closing, Curaleaf announced several management changes. Chief Financial Officer Neil Davidson will become chief operating officer, while former COO Stuart Wilcox will move to a new role focused on expansion into emerging markets.

Davidson will be succeeded as CFO by Michael Carlotti, who has cannabis-industry experience and previously worked as senior vice president and treasurer at MGM Resorts International.

Select founder Cameron Forni will become president of the brand, focused on expanding into new markets, while Select’s Jason White was named to the newly created role of chief marketing officer. Prior to working at Select, White was global head of marketing for headphone-maker Beats By Dre, which was acquired by Apple Inc. in 2014.

“Curaleaf is maturing from a start-up into a full-fledged national operation and for that reason we need to bring a different set of people into the company to help us manage it,” Jordan said. “I’m an entrepreneur, I’ve built multiple companies in my life, but I also know at what time you need to bring in the adults in the room to help you manage the business.”

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