Curaleaf Issues Statement To Shareholders After Social Media Firestorm Re Russian Connections

Here is their Statement

“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.”

 

Also, read 

Market Watch

Experiences Jordan lists on his LinkedIn page include chairman and founder of Renaissance Capital, an emerging markets investment bank, in 1995, as well as managing director at Credit Suisse in Moscow from 1992 to 1995. He’s also the founder, president and CEO of private-equity firm The Sputnik Group.

Andrei Blokh, who is Curaleaf’s second-largest shareholder, is not active in the company and is also a U.S. citizen who holds a Russian passport. Curaleaf described Blokh as a retired executive from the consumer packaged goods sector.

Blokh was president of Sibneft, a Russian oil company, in 1998, and in 2010 he was one of two owners of Unimilk to sell the company to French food company Danone BN, -3.05% DANOY, -4.63% in 2010, according to a Forbes report. He also invested in Curaleaf, which has been a public company since 2018.

“U.S. citizens, whether they hold other passports or not, are not subject to and cannot be subject to, U.S. economic sanctions,” the company said.

As one of the largest U.S.-based Cannabis companies, Curaleaf has a market cap of about $5 billion. OTC-listed shares of Curaleaf are down 21.9% in 2022, compared to a drop of 16.4% by the AdvisorShares Pure U.S. Cannabis ETF MSOS, +0.47%.

https://www.marketwatch.com/story/curaleaf-moves-to-quash-rumors-that-executives-ties-to-russia-may-lead-to-sanctions-11646071560

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