Cannabis King: Boris Jordan, Chairman Of Curaleaf, Becomes The Only Pot Billionaire

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Cannabis King: Boris Jordan, Chairman Of Curaleaf, Becomes The Only Pot Billionaire

Topline: Curaleaf chairman Boris Jordan is worth $1.1 billion, according to reporting from Forbes Russia, making him the only billionaire Forbes has identified whose fortune comes from the marijuana industry.

  • Massachusetts-based Curaleaf is the sixth most valuable cannabis company in the world and the largest retailer by market cap in the U.S., according to Cannabis Market Cap. 
  • Jordan owns a 31% stake in Curaleaf.
  • He also has sizable investments in a number of European and Russian-based companies through Sputnik Group, a private equity firm he founded in 1998.
  • Jordan also founded Measure 8 Ventures, a firm focusing on investments in the pot industry.
  • Curaleaf owns and operates 48 medical marijuana dispensaries across 12 states, according to the company’s website, and aggressively entered the recreational market with recent acquisitions of cannabis companies Crua and Grassroots. 
  • Jordan told financial news website Benzinga last year that he sees Curaleaf—which grows and processes its own marijuana—as the Starbucks of cannabis.

What we don’t know: How future regulation could impact the company. The company’s shares took a dive in July when the Federal Drug Administration issued a warning for selling CBD products with unsubstantiated medical claims. 

Key Background: Jordan is an American citizen with Russian ancestry. After graduating from New York University, where he sits on the school’s board of trustees, he got his start in 1987 at the now-defunct investment firm Kidder Peabody. From there, he went on to lead Credit Suisse’s investment banking division First Boston in Russia, which was transforming its economy after the fall of the Soviet Union. He’s the chairman of both the Sputnik Group and Renaissance Insurance, one of the largest insurance companies in Russia.

Full story is available here.