Leading a cannabis company in the U.S. can apparently be a lucrative career option – at least for executives of many of the largest cannabis operators.
John Hartmann is the chief executive of Ascend Wellness Holdings. (CSE: AAWH.CN). (OTCQX : AAWH). According to a study of filings from leading cannabis companies, he was paid more than any other CEO in 2023. Green Market Report.
Hartmann received compensation worth $3.9 million for his tenure as Ascend CEO between May 2023 and September 2024. This is the latest year that we have data on cannabis CEO salaries.
GMR review found that Hartmann’s multi-million dollar pay package wasn’t far off the average of chief executives who run large publicly traded marijuana companies.
Out of the 21 largest public cannabis firms, four CEOs also earned more than $3 million. Another 10 CEOs had salaries that topped $1 million. Several of these firms will also have multiple CEOs in 2023.
The crown of the most-paid executive, however, is an honor. If the analysis is expanded to include 2022, then Jushi Holdings CEO Jim Cacioppo is perhaps the highest-paid chief executive, with $12 million in total compensation over just two years.
The real winners are probably Kim Rivers, CEO of Trulieve Cannabis Corp., and George Archos, CEO of Verano Holdings, if the analysis is extended by one year to 2021-2023. They will receive $15.2 and $19.3 millions in total compensation, respectively.
Peter Caldini, the CEO of Acreage Holdings in 2023 who left that company in July received a salary base of only $254,429. Caldini, whose compensation package in 2023 totaled $1.5million, was replaced by Dennis Curran.
Salary.com reported that most U.S. chief executives in the mainstream industry earn between $667.525 and $1 million as of February 1.
The 21 marijuana companies that were examined are: Green Market Report The total amount paid to 29 executive chairs and chief executives in 2023 was $39.3 Million. According to the proxy statements of each company filed in 2013, this includes $13.8 in salary and even more in stock option compensation and incentive payments. Some proxy statements provided information on executive compensation in 2024 or previous year figures. However, many of them did not.
An analysis of earnings of 20 of the top cannabis public companies last year revealed that many of these same firms will lose a total of $2 billion by 2023. Green Thumb Industries, (CSE GTII), (OTCQX GTBIF) was the only company to post a profit in that particular year. The others lost millions.
Breakdown
When examining compensation packages of high-profile cannabis public company leaders, what should you look for? Green Market Report found:
4Front Ventures Corp.
In 2023 the CEO Leonid Gontmakher earned a base wage of $400,000 and received an option-based award of another $400,000. This totaled $800,000.
Gontmakher left the 4Front Board in January 2024. The board then appointed Andrew Thut, the interim Chief Financial Officer at the time, as its new CEO. 4Front is yet to release information on Thut’s salary or employment contract.
Thut, as interim CFO for 2023, received a $350,552 base salary, a $297,683 bonus, $300,000 in share-based compensation, and $986,784 of option-based compensation. The total package was $1.9 million.
Acreage Holdings Inc.
Peter Caldini, the CEO of Envision in 2023, earned a salary base of $254 429. In July of that year, he resigned.
After Caldini’s departure, Dennis Curran, the CEO of Caldini received in 2023 a salary base of $358,764, stock awards worth $797,210 and an incentive plan worth 358,750. This totaled $1.5 million.
Curran’s basic salary increased to $420,000 in January 2024. In addition, he is entitled to a 100% bonus and an additional performance-based bonus worth up to 200%.
Ascend Wellness Holdings Inc. (CSE: AAWH U.CN, OTCQX: AAWH),
Daniel Neville, the interim CEO, received in 2023 a salary base of $451.923, stock options of $707.777 and $116.612 as option awards. This totaled $1.2 Million. Neville quit the company on November 20, 2023.
Hartmann received $3.9million in compensation when he became permanent CEO. He was paid a salary base of $566.346, and stock options worth $3.4million.
Hartmann retired as CEO in the last year, and was succeeded by Samuel Brill. Brill was paid a salary of $550,000 plus a bonus based on performance and shares worth 5 million.
Ayr Wellness Inc. (CSE: AYR.A), (OTCQX : AYRWF),
David Goubert, the CEO of Goubert Group in 2023 will receive a salary base of $750,004 Other compensation was not received by him.
Goubert’s salary was even lower the year prior, at $112,501 base plus $200,000 in bonus. This totaled $312,501.
Jonathan Sandelman received a salary base of $1.2m in both 2022 & 2023. Sandelman earned even more money in 2021 with a salary of $586.458 plus a bonus of $1.2million, totaling $1.7million.
Steven Cohen, a former outside legal adviser, was appointed interim CEO by the board in September of last year. Cohen’s employment contract has not been released.
Cresco Labs (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ)
Charlie Bachtell’s base salary is $450,000.
Bachtell, on the other hand, received a base salary of $449,000 plus a bonus worth $549,000 for a total of $992850.
Curaleaf Holdings (TSX: CURA) (OTCQX: CURLF)
In 2023 CEO Matt Darin will receive a salary base of $750,000, plus a bonus worth $431.005. This totals $1.1million in compensation.
In the same year, Boris Jordan, executive chairman, also received a salary base of $750,000, and a bonus package totaling $441.340, for an overall compensation package valued at $1.1 million.
Jordan became CEO of Curaleaf after Darin retired as CEO. His employment agreement and compensation package may have changed, but it’s unclear.
Glass House Brands Inc., (NASDAQ: GLASF), (CBOE CA : GLAS.WT.U), (GLAS.A.U. CA)
The CEO and chairman Kyle Kazan will receive a salary base of $360,000 in 2023. He also received share-based compensation of $966.600 and an incentive package of $180,000. This totals $1.5million.
Kazan, on the other hand, earned only his $360,000 base salary in 2012.
Kazan received a salary base of $201,753 in 2021 and over $5,000,000 of share-based compensation, totaling $5.2 Million.
Gold Flora Corp.
Laurie Holcomb, the CEO of Holcomb Inc., received in 2023 a $305,654 base salary, $288,000 stock awards, and $12,000 incentive compensation, totaling $605,654.
Holcomb earned $192,000. Her base salary in the previous year was $180,000. She also received an incentive of $12,000.
Holcomb, whose employment contract was revised in July 2023 by the Board, will now earn a base salary of $450,000 and be eligible to receive a bonus based on her performance of 50% or more of that salary.
Vireo Growth Holdings, Inc. (CSE:VREO) (OTCQX : VREOF), was formerly Goodness Growth Holdings.
In 2023, CEO Kyle Kingsley – who stepped down from the job in February that year – was paid a base salary of $275,000, plus $682,256 in option awards, for total compensation of $957,432.
Kingsley earned even more the previous year. He received a salary base of $360,000 and option awards totaling $558.435. Stock awards were also $672.430. This made a total of $1.5million.
Joshua Rosen, Kingsley’s successor as interim CEO was paid a salary base of $300,000. Rosen’s compensation totaled $300,176 for that particular year.
Rosen was appointed permanent CEO by Vireo’s board in May of 2024. He resigned five months later, and the Vireo Board named Amber Shimpa to be the next CEO.
Shimpa’s contract stipulates a $325,000 base salary, 1,000,000 stock units as well as a cash-based bonus if she performs.
Green Thumb Industries CSE: GTII (OTCQX : GTBIF)
Ben Kovler was paid $1.8m in 2023. He received a $345.013 base salary, $169.993 of stock options, $679.997 of option awards, and $627.719 of incentive compensation.
Kovler received similar sums in 2022, with a total package of $1.8 million; and 2021, with a package valued at $1.7 million.
iAnthus Capital Holdings, Inc. (CSE IAN) (OTCQB ITHUF).
In 2023 iAnthus Chief Executive Officer Robert Galvin was paid a salary of $414.774, a stock award of $350,000 and a bonus worth $225,000. The total compensation package is worth just under $1 million.
This was a far cry from what Galvin earned in 2022 when his base salary was $675,000. He also received $3.4 million worth of stock options and $167,181 for option awards. His total compensation package was therefore $4.3 million. Galvin earned the same base salary of $675,000 and received a $250,000 bonus in 2010. His total compensation package was worth $925,000.
Richard Proud took over from Galvin when he resigned in July of 2023.
Proud earned a $219,231 base salary, a $337,500 bonus, and $3,310.138 in stock awards, totaling $3.5 million for 2023.
Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF)
Jim Cacioppo, the CEO of Cacioppo Group, received an $850,032 base salary, a $1.5million bonus, $1.1million in option awards, and $20,677 of other compensation, totaling $3.5million.
Cacioppo’s performance the year prior, in 2022 was even more impressive. He received a salary base of $750,000, plus a $1,000,000 bonus, $6.7 million worth of option awards, and $34,031, totaling $8.5 Million.
Cacioppo, who received $12 million compensation over two years is easily one of cannabis’ highest paid chief executives.
MariMed (CSE: MRMD) (OTCQX: MRMD)
In 2023 CEO Jon Levine will receive a $375,000 base salary, $315,028, $146.250 in stock options, as well as a $43,194 bonus. This is a package valued at $879.472.
Levine received 10,000,000 shares of stock in December of that same year. His employment contract also allows him to receive a bonus up to 120% his salary.
Medicine Man Technologies/Schwazze (OTC: SHWZ) (Cboe CA: SHWZ)
The total compensation for CEO Justin Dye in 2023 was $326 399. This included a $148 077 base salary, $178 333 stock award, and a $148 037 bonus.
Dye retired in May of 2023. He was succeeded by Nirup Kumaramurthy.
In that year, Krishnamurthy received a salary base of $413.269 dollars, a $100,000 bonus, $1.8 million in stock awards, $813.749 of option awards, and $8,244 of other compensation, for a package totaling $3.2 millions.
Krishnamurthy quit the CEO role in February of last year. The Schwazze board then appointed Forrest Hoffmaster as the new chief executive. According to his employment contract, he will receive a base wage of $400,000 and a performance-based incentive of up $240,000.
Planet 13 Holdings Inc.
The base salaries of co-CEOs Robert Groesbeck (500k) and Larry Scheffler ($500k) were the same in 2023. Groesbeck was paid $68,429 as other compensation in a package totaling $568,429 while Scheffler got $57,407 for his package totalling $557,407.
They both earned a bit more than $500,000 in base salary in 2022.
Employment agreements for Groesbeck & Scheffler will expire by the end of 2018.
StateHouse Holdings, Inc. (OTCQB STHZF), (CSE STHZZ).
Ed Schmults received $459.440 in salary plus another $8.330 for an overall package of $467.770.
Schmults’ 2022 salary was $377.658 with other compensation at $8.923, for a package totaling $386.581.
StateHouse, which was insolvent last year, went up for auction just last month.
TerrAscend Corp.
In 2023 CEO Ziad Ghanem received a salary base of $479.808, stock award of $206,510 and incentive plan compensation worth $386.798, as well as other compensation amounting to $24,555. This totaled just under $1 million.
Ghanem had a much more successful year the previous one, earning a $412,468, $166.500 in stock, $170,000 through incentive plans, as well as $1.8million worth of option awards. This totaled $2.6million.
TerrAscend’s board of directors approved an increase for Ghanem in April, bringing his base salary to $527.500.
Tilt Holdings, Inc.
Tim Conder’s compensation package in 2023 was worth $512 850. It included a $235 577 base salary, $25 500 bonus, $118 440 stock award and $133 333 incentive plan.
Trulieve Cannabis Corp.
In 2023 Kim Rivers, the CEO, received $750,000 in salary, $11,638, stock options worth $870 308, option awards valued at $780 252, and incentive compensation worth $941 250. This package was worth $3.3 Million.
Rivers is likely the highest-paid CEO in the U.S. marijuana sector, and possibly the most-paid executive woman.
Rivers, on the other hand, made more in the years before. In 2022, Rivers’ salary was $500,000. Her total compensation package in 2021 was $8.3 million.
Rivers was paid $15,2 million over just 3 years.
The Cannabist Co. Holdings Inc. (CBST : CA) (OTCQX CBSTF: CBSTF), (3LP: FSE).
Nicholas Vita, the CEO of the company, received $500,000 in salary plus $20,000 of other compensation, totaling $520,000.
David Hart succeeded Vita as Vita’s CEO. Hart’s salary or contract of employment has not been disclosed by the company.
Verano Holdings Corp. (VRNO:CA) (OTCQX: VRNOF)
George Archos’s 2023 compensation package included a salary base of $475,000. A bonus of $300,790. An incentive plan of about $1,000,000. And other compensation worth $11,578, bringing the total to $1.8million.
Archos received a base salary of $375,000 in the previous year, with a $200,000 bonus, and more shares awards. This totaled just under $2 million. Archos, on the other hand, really cashed out in 2021 with a $375,000 base salary, a $200,000 bonuses, $14.8million stock awards, and $123,537 worth of stock options, for a package totaling $15.5million.
Archos has now received a total of $19.3 millions over a three-year period.