Curaleaf Holdings Inc OTCMKTS: CURLF is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 44 dispensaries, 12 cultivation sites and 11 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as the CBD category through its Curaleaf Hemp brand.
Curaleaf Holdings Inc OTCMKTS: CURLF On May 8, 2019 announced that Dan Foley has been appointed Vice President Finance & Investor Relations, effective May 6, 2019. He will report directly to Curaleaf’s Chief Financial Officer Neil Davidson.
Foley will work with Curaleaf’s Executive Leadership Team to help advance knowledge and understanding of the company’s vision, unique positioning within the industry and unmatched growth strategy. Foley will also assist in corporate finance and strategic planning matters.
“Maintaining strong relationships with the investor community is critical for Curaleaf, as our growth trajectory continues and institutional interest in the industry builds,” said Neil Davidson, Chief Financial Officer of Curaleaf. “The experience Dan brings to our team will help us maintain and strengthen those relationships, while his time in the gaming industry will serve us well in communicating state regulatory matters. I look forward to working with him to continue demonstrating how Curaleaf is well-positioned to lead our sector and deliver long-term shareholder value.”
Foley joins Curaleaf from Red Rock Resorts where he served as Vice President of Finance & Investor Relations for the past three years. He also assisted with capital raising and allocation, as well as strategic financial planning and analysis. With 20 years of financial experience, Foley has spent the majority of his career leading investor relations in the gaming and resort industry for MGM Resorts International, New Cotai Holdings, and Harrah’s Entertainment.
He also served as an Assistant Portfolio Manager at Wall Street Associates, a San Diego-based investment advisor to institutional clients. Foley started his career as an equity analyst at Fulcrum Global Partners and Bear Stearns. Foley holds a B.S. in Economics from the University of Utah and an MBA from the University of Southern California’s Marshall School of Business. He will be based at the company’s headquarters in Wakefield, Massachusetts.
Christine Rigby, current Head of Investor Relations, will be departing the company.
“A strong financial and strategic planning capability is essential to our ongoing efforts to become the most accessible cannabis company in the U.S. while maintaining our capital discipline,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “We want to thank Christine Rigby for her expertise, insights in the industry and contributions to our significant growth.”
Curaleaf Holdings Inc OTCMKTS: CURLF On May 6, 2019 announced it has signed a definitive agreement granting it an option to acquire Ohio Grown Therapies (“OGT”) medical cannabis cultivation and processing licenses and facility in Ohio. OGT was awarded preliminary cultivation and processing licenses by the Ohio Department of Commerce in 2018.
OGT is building out its 32,000 square foot cultivation and processing facility in Johnstown, Ohio. At completion, the facility will be comprised of 15,000 square feet for two-tier cultivation and 7,500 square feet for processing. Curaleaf is advising OGT on the buildout and expects to acquire OGT’s cultivation and processing licenses as well as the lease to the Johnstown facility in the second half of 2019, subject to regulatory approval.
“Curaleaf’s expansion into Ohio is another step in our goal to be the most accessible cannabis company in the country, providing patients with high-quality, reliable products,” said Joseph Lusardi, CEO of Curaleaf. “This transaction is reflective of our strategy to become vertically integrated with a focus on limited license markets. As the seventh most populous state in the country, Ohio is an emerging cannabis market with strong growth potential and we plan to continue pursuing opportunities that increase our exposure to this expanding customer base.”
The option allows Curaleaf to pay a total consideration of $20 million for the acquisition of the licenses and the lease to the Johnstown facility. The consideration will be paid upon completion of milestones, culminating with regulatory approval of the transfer of the final licenses and the facility to Curaleaf.