A major cannabis company moved to dispel rumors that it could be impacted by sanctions levied amid Russia’s invasion of Ukraine.
Massachusetts-based Curaleaf wrote in a notice to shareholders that “speculation on social media” about possible sanctions was incorrect.
“Curaleaf, as an American company … cannot be subject to U.S. economic sanctions,” officials wrote.
Boris Jordan, the company’s executive chairman and top shareholder, has business interests in Europe and Russia and previously lived in those areas.
But officials noted that Jordan is a Long Island native and U.S. citizen — and therefore ineligible for U.S. economic sanctions.
Andrei Blokh, Curaleaf’s second-largest shareholder, holds a Russian passport and served as president of a Russian oil company in the late 1990s.
He is also a U.S. citizen and is not active in the company, Curaleaf noted.
“Rumors and misinformation spread during turbulent times,” officials wrote. “We are committed to fostering trust and transparency throughout the cannabis industry.”