Curaleaf, the largest US cannabis company by market cap, will have a new CEO on January 1 — Joseph Bayern is taking over for Joseph Lusardi.
Curaleaf President Joseph Bayern, who joined the company in December of 2019, will be taking over from Joseph Lusardi effective on January 1. Lusardi will remain on as executive vice-chairman of Curaleaf's board. The company posted $193.2 million in revenue for the quarter, up 55% from the preceding quarter, and a $9.3 million net loss.
Bayern, for his part, says that Curaleaf's strong presence in the Northeast — in states like Massachusetts and New Jersey — is what sets it apart from competitors. "Personally I think New York could be one of the most compelling markets in the US in the next couple of years," Bayern said. He pointed out that the state has a relatively restrictive medical marijuana program which means a lot of consumers are sitting on the sidelines — at least, of the legal industry.