Curaleaf Holdings Inc. CURA CURLF has appointed Joseph Bayern CEO.

The move was confirmed along with the release of the Wakefield, Massachusetts-based company's latest earnings report. 

Bayern, who was appointed president at Curaleaf last December, will take charge on Jan. 1, 2021. He replaces Curaleaf founder and current CEO Joseph Lusardi, who will continue as executive vice-chairman of the board.

Lusardi has served as CEO for the past five years.

Third Quarter Results

Curaleaf reported revenue of $193.2 million for the third quarter, which ended Sept. 30. That signifies a 164% year-over-year spike and a 59% improvement over the previous quarter.

Adjusted EBITDA was also a quarterly record at $42.3 million — 305% more than last year’s and a 51% increase since the second quarter.

Curaleaf also announced closing a private placement of $24.5 million in net proceeds and raising about $41 million in net proceeds related to sale-leaseback transactions.

Retail revenue increased by 206.5% to $135.3 million during this quarter, compared to the third quarter of 2019. This was due to new store openings across several states, including Florida, Massachusetts, Arizona and New York.

M&A

Curaleaf also completed several acquisitions, including Grassroots — which expanded the company's presence into six new states — as well as Curaleaf NJ Inc., Arrow and Maine Organic Therapy.

Wholesale revenue increased nearly seven times to $45 million when compared to $6.5 million in the third quarter of 2019, attributed to increased cultivation and harvest in California, Maryland and New York, as well as the aforementioned acquisitions.

Net loss for the quarter was $9.3 million. As of Sept. 30, the company had $84.6 million of cash on hand and $280 million in outstanding debt.

Under the helm of Lusardi, Curaleaf completed the acquisition of Select, a premium CBD brand that is now available in 16 states.

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