Curaleaf Responds To Russian Social Media Criticism

Curaleaf (OTC:CURLF) found itself in the social media crosshairs last week when several stock jocks blasted Curaleaf for its relationship with Russia. The criticism sparked dialogue both in support of the company and against. The company issued the following response on its website on Friday, February 25:

To our valued shareholders:

Rumors and misinformation spread during turbulent times. We are committed to fostering trust and transparency throughout the cannabis industry.

For the benefit of our investors and the transparency of the market, Curaleaf would like to provide some clarity by addressing speculation regarding how the Russia-Ukraine crisis may impact the Company.

  • U.S. citizens, whether they hold other passports or not, are not subject to and cannot be subject to, U.S. economic sanctions.
  • Curaleaf, as an American company, is also not subject to and cannot be subject to, U.S. economic sanctions.
  • Our Executive Chairman and largest shareholder, Boris Jordan, is an American citizen, born and raised on Long Island, New York. He is not, and has never been, a citizen of any other country.
  • Mr. Jordan spent several years working in Europe and Russia and currently has several businesses in the U.S. (Curaleaf among them), Europe and Russia.
  • Our second largest shareholder is Andrei Blokh, a successful retired CPG entrepreneur who is not active in the Company. Mr. Blokh is a U.S. citizen, who also holds a Russian passport.
  • The substantial majority of our shares are owned by the retail investor community and institutional investors.

The speculation on social media that the Company and its major shareholders and executives will somehow be subject to any U.S. government economic sanctions now or in the future is incorrect.

Prior to the Tweetstorm, Curaleaf stock had tumbled as part of a broader market selloff, yet it seemed to attempt a recovery before the Russian situation began. On Friday, the stock dropped another 5% to lately sell at $7.10.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


2 comments

  • Bruce James

    March 1, 2022 at 10:19 am

    Interesting. Boris’ statement doesn’t say anything denouncing Russia’s invasion of Ukraine or of the many innocent people dying because of Putin. Seems like if he was against Putin’s aggression or saddened by all of the innocent lives being lost, that perhaps this would be a good time to say that. Instead his silence is noteworthy and perhaps Curaleaf should be boycotted until they can join the chorus of companies coming out against Putin.

    Reply

  • Dana First

    March 2, 2022 at 9:46 am

    CuraLeaf’s 21percent owner is worth $1.9Bil. (Andrei Blokh) lives in Moscow, and is number 71 on the 2019 Forbes list of oligarchs. Blockh briefly served as president of oil producer Sibneft from 1998 until Roman Abramovich(Oligarch #10) sold it to Russia’s state energy firm Gazprom in 2005. Blockh and another partner bought Abramovich’s Unimilk dairy business in 2004. Numerous other deals generating billions from stripping away former-Soviet assets are deep from two current CuraLeaf directors. Jordan has not addressed any of these issues, headon and the CuraLeaf stock keeps falling.

    Reply

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