Curaleaf Chairman Reportedly First Cannabis Billionaire

Curaleaf chairman Boris Jordan is the first and only person so far to make $1 billion from the legal cannabis industry, according to a report from Forbes. Jordan owns a 31 percent in Curaleaf — the sixth-largest cannabis company in the world and the largest by market cap in the U.S. — and is worth $1.1 billion.

Curaleaf owns and operates 48 medical cannabis dispensaries in 12 states. In May, Curaleaf announced it acquired Cura Partners, owners of cannabis brand Select, in an all-stock, $1 billion deal. Select is sold at more than 900 retailers in the U.S. In July, the company said it had a deal in place to bring Grassroots into the fold for $875 million in cash and stock. Once finalized, the company will become the largest cannabis company in the world by revenue.

Jordan also founded cannabis industry investment firm Measure 8 Venture Partners, who announced in May that they were aiming to raise $100 million for the fund, according to Bloomberg. Measure 8 owned about 12 percent of Cura Partners which made them a “multiple bagger” on the deal, according to the report.

Jordan is best known for privatizing Russian state-owned assets as the head of Credit Suisse’s investment banking division First Boston after the fall of the Soviet Union in the 1990s.

Curaleaf Holdings Inc. spent $200,000 on federal lobbying efforts during the last quarter — more than any other cannabis firm that spent on lobbying efforts.

Jordan is also the chairman of both private equity firm Sputnik Group and Russian company Renaissance Insurance.