In the second high-level personnel move announced by a marijuana company in as many days, Curaleaf Holdings (OTC:CURLF) has named a new president. The company said Tuesday that Joe Bayern has taken the position, effective immediately.
Curaleaf was somewhat vague about Bayern's responsibilities. In the press release announcing his appointment, the company specifically mentioned the integration of two recent acquisitions -- wholesale cannabis brand Select and dispensary operator Grassroots -- as being part of his portfolio. Bayern will report directly to Curaleaf CEO Joseph Lusardi.
Curaleaf added that Lusardi "will continue to oversee the strategic vision and operations of the company."
The company did not provide any details about Bayern's compensation package.
It's apparent Curaleaf hired Bayern because of its significant ambitions in the retail sphere. Since the beginning of this century, according to his LinkedIn page, he has chiefly worked in the food and beverage sector. This includes stints as an executive at Snapple Beverage Group (now part of Keurig Dr Pepper) and at Cadbury before its absorption into Mondelez.
Most recently, Bayern served as president of Indus Holdings, a publicly traded cannabis company headquartered in California but listed in Canada. This position makes him one of the rare high-level marijuana business executives with previous experience in the industry.
Curaleaf said in the press release that Bayern's "experience in senior leadership roles in consumer goods, and most recently cannabis, will greatly enhance our ability to operate and excel in our next phase of growth."
Retail is central to Curaleaf's strategy. The company has 51 dispensaries around the country. When the long-pending Grassroots acquisition closes, Curaleaf will add considerably to this count.
Bayern's appointment comes one day after news of what's arguably the cannabis industry hire of the year. This is Canopy Growth's (NASDAQ:CGC) drafting of David Klein to be its permanent CEO, in an appointment that will be effective in mid-January. Like Bayern, Klein is a veteran of the food and beverage industry; pending his joining Canopy Growth, he remains CFO at top Canopy Growth investor Constellation Brands.
In contrast to the 14% pop enjoyed by Canopy Growth in the wake of the CEO hiring news, investors seemed indifferent to negative about Bayern's appointment -- Curaleaf stock dropped marginally on Tuesday.