Curaleaf Holdings, Inc. has named Matt Darin as CEO, succeeding Joe Bayern, who will launch and run a new division of Curaleaf that will develop a CPG-based business model.
Darin will report to the board and will work closely with Bayern during the transition period through the second quarter.
The announcement was made in conjunction with Curaleaf’s quarterly earnings call, during which the company reported first quarter revenue of $313 million, with year-over-year revenue growth of 20% and year-over-year adjusted EBITDA growth of 16%. The company has an operating cash flow of $57 million.
"When we named Matt president in January, it was a deliberate move to strengthen our leadership bench to support our growth strategy and build a succession plan for the future,” said Executive Chairman Boris Jordan. “The Board and I are all incredibly grateful for Joe's accomplishments during his tenure as CEO. He brought us into a new way of working and thinking strategically as a CPG company. His experience as a brand builder and CPG leader will be instrumental for our new venture at a time when the opportunities in the marketplace are only just being realized. We'll be sharing more on the new division and its role in our strategy soon.”
Darin brings leadership skills, an entrepreneurial mindset and experience as a first-class operator in the cannabis industry. As a founder of Grassroots, he was a first entrant in some of the top cannabis markets in the U.S., including Illinois and Pennsylvania. Since joining Curaleaf in July 2020, he led the Central region, the company's largest by footprint and revenue. In 2021 he added the Southeast region to his responsibilities, helping increase Curaleaf's market share by 55%.
"I firmly believe we are building the best team in cannabis and I'm energized and humbled to lead Curaleaf at this pivotal moment,” Darin said. “We've built the foundation to continue to be the industry leader for the long term with a focus on operational excellence in every aspect of our business. We are leveraging the power of our 131 highly productive dispensaries and the accelerating distribution of our brands in 2,200 wholesale accounts throughout the U.S. I'm grateful to the board for their confidence in me as we move to the next phase of our journey.”