Business
Falling stock prices force down cannabis industry CEO pay in 2022
Total compensation for CEOs of cannabis multistate operators fell in 2022 versus 2021, as tumbling marijuana stock prices last year drove down the equity-based pay component top executives received.
By contrast, salaries for chief executives at the largest MSOs were consistent from 2022 to 2021, according to the companies’ filings with federal regulators.
The continued fall in cannabis stocks last year – they’ve been sliding since early 2021 – helped to prevent any marijuana CEOs from receiving total compensation of more than $10 million in 2022.
By contrast, two marijuana MSOs reported that total compensation for their CEOs exceeded $10 million in 2021, with a third coming very close to that level.
The AdvisorShares Pure US Cannabis ETF – which tracks major U.S. marijuana stocks – is currently trading as MSOS on the New York Stock Exchange Arca at roughly $5 a share, down from around $21 at the beginning of 2022.
High interest rates, inflation and the lack of major reform to federal laws governing cannabis have weighed on marijuana stocks.
And the continued softness in share prices suggests that this year’s compensation levels will remain under pressure.
“Last year’s information was based on a hotter marketplace than currently,” Jim Finkelstein, executive vice president and managing director at California-based human resources and compensation consulting firm FutureSense, told MJBizDaily in an interview.
“And so, as a result, you may see the value of what was reported being much, much higher than what’s being reported this year because they’re adjusting to the change in the market price and the value of equity.”
Finkelstein said it’s also important to note that some stock-option grants awarded in 2021 could still be vesting and wouldn’t be reflected in compensation tables provided by multistate operators for 2022.
Compensation consultants specializing in the cannabis industry warned that few other conclusions can be drawn from information shared in regulatory filings and not to take reported numbers at face value.
The industry remains illegal under federal law, for example, making it harder to compare the pay of marijuana CEOs with those in mainstream industries.
“You’re dealing with apples and oranges and gorillas,” Finkelstein noted.
High market capitalizations at cannabis companies, for example, don’t necessarily correspond with higher total compensation for CEOs.
At New York-based Curaleaf Holdings, for example, which has the highest market capitalization at more than $2 billion, CEO Matt Darin’s total compensation for 2022 was $1.1 million.
By comparison, New York-based Columbia Care’s market capitalization is approximately $200 million.
Columbia Care CEO Nicholas Vita had a total compensation of $5 million in 2022. Meanwhile, Columbia Care’s planned merger with Chicago-based Cresco Labs, announced in 2022, remains uncertain.
Even drawing comparisons from year-to-year or between individual CEO pay packages can be difficult, said Fred Whittlesey, a consultant at Seattle-based Compensation Venture Group.
“It’s a young industry. There’s a lot of turmoil and a lot of turnover at the executive level,” he told MJBizDaily in an interview.
Marijuana companies must get creative to attract and retain top talent, Whittlesey said, and each one is taking its own approach when it comes to executive pay.
That said, cannabis industry compensation tends to weigh heavily toward equity-based compensation rather than cash, a move designed to incentivize and reward company leaders for growth.
For example, Florida-based Trulieve Cannabis Corp. noted in regulatory filings that 87% of 2022 compensation for CEO Kim Rivers was “at-risk,” which means it isn’t guaranteed because it’s tied to shareholder value and other key performance indicators.
“We believe compensation should be structured to ensure that a significant portion of the total compensation opportunity for our named executive officers is directly related to our performance and other factors that directly and indirectly influence shareholder value,” according to the company’s regulatory filing.
Stock, options values misleading
Reported stock and options values in regulatory filings can be particularly misleading.
“Stock options have a theoretical value, but it doesn’t end up in your bank account that year,” Whittlesey said.
Filings show Jim Cacioppo, the CEO, chair and founder of Florida-based multistate operator Jushi Holdings, was awarded more than $6.7 million worth of options in 2022, for example.
“However, that number is deceiving because it is calculated based on the fair value of stock options in 2022 under FASB accounting standards,” a spokesperson for Jushi said via email, referring to the Federal Accounting Standards Board, a private standards-setting body.
A total of 2.83 million options were granted at an exercise price of $1.93 per option, and another 3 million options were granted at an exercise price of $1.75, according to filings.
But Jushi’s stock – which trades on the U.S. over-the-counter markets as JUSH – is currently trading at around 45 cents a share, indicating that most of the options are currently “underwater” and effectively worthless.
The spokesperson also pointed out that Cacioppo was entitled to a $750,000 cash bonus in 2022 but opted instead to take $250,000 in cash as well as warrants to be issued at a later date valued at approximately $750,000.
Whittlesey said it’s also crucial to examine the vesting periods of stocks and options – an area where the marijuana industry is particularly creative when it comes to compensating its chief executives, he said.
Options usually vest in three to four years. But in the cannabis industry, vesting periods can be as short as three months.
For example, a third of Cacioppo’s 2,830,000 options vested on July 28, 2022, when the stock closed at the exercise price of $1.93.
Another third vested on Jan. 1, 2023. The stock closed at 73 cents on Jan. 3, the first day of trading of 2022, meaning the options were underwater.
The final third vest on Jan. 1, 2024.
Whittlesey said shorter vesting periods are designed to retain and attract talent in a uniquely challenged industry.
He said boards are effectively saying, “I’m not sure if the government’s going to put us out of business tomorrow.”
Taxation, production, inflation and regulations are only a few of the challenges CEOs are grappling with, Whittlesey added.
“Wouldn’t you like this job?”
Bonuses in a bad year
A number of marijuana industry CEOs were awarded hefty bonuses in 2022, despite many companies reporting lower-than-expected revenue in a tough year.
But key performance indicators (KPIs) in the cannabis industry aren’t necessarily tied to profitability of a company or revenue growth.
Kara Bradford, CEO and chief talent officer at Seattle-based recruitment firm Viridian Staffing, told MJBizDaily in an interview that bonuses can be tied to KPIs such as geographic footprint growth or years served in a role.
Peter Caldini, the former CEO of New York-based Acreage Holdings, wasn’t eligible for his special bonus last year under the company’s short-term incentive plan, which was based on pre-established targets for earnings before interest, taxes, depreciation and amortization (EBITDA), according to regulatory filings.
But Caldini was awarded a separate bonus totaling $2.5 million, paid out in $833,333 installments over three quarters.
“We consider your continued service and dedication to Acreage Holdings, Inc. (the “Company”) and find your continued efforts critical to the success of the Company,” board Chair Kevin Murphy wrote in a letter to Caldini dated July 11, 2022.
“To incentivize you to remain employed with the Company and to address any concerns about your job security, we are pleased to offer you a series of bonuses, as described in this letter agreement.”
Caldini stepped down as CEO in June, and former Chief Operating Officer Dennis Curran took the helm.
A spokesperson for Acreage told MJBizDaily via email that the company doesn’t comment on former employees.
Turnover and turmoil
Co-CEOs led both New York-based Ascend Wellness Holdings and Nevada-based Planet 13 Holdings in 2022.
Founder and former Ascend CEO Abner Kurtin stepped into the executive chair role last September after a battery charge against him was dropped.
Chief Financial Officer Daniel Neville and President and co-founder Frank Perullo took the helm as co-CEOs, which is why all three are listed in the table above.
In May, John Hartmann was appointed CEO of the company.
Ascend did not respond to MJBizDaily requests for comment.
Whittlesey warned that having two CEOs can be a sign of weakness in governance.
From a compensation standpoint, he said, co-chief executives could receive half of a CEO package.
On the other hand, both employees could be capable of being a CEO and should be compensated accordingly.
“Now we’re in a conundrum, because there’s two of them,” Whittlesey said.
“And it’s not fair to the company or the shareholders to pay for two CEOs.”
Planet 13’s Robert Groesbeck and Larry Scheffler have served as co-CEOs since 2018.
Each earned a $500,000 base salary and another $254,000 under the company’s non-equity incentive plan in 2022.
The amount was awarded for “corporate objectives and key metrics applicable to the executive, respectively, and is reviewed and approved by the Compensation Committee before payment,” according to regulatory filings.
Finkelstein declined to comment on a specific company, but he said it’s common for co-CEOs to work in hybrid roles as they transition from a founder-led business to a more mature company.
“They are all trying to figure it out, and they need to be allowed to experiment with that without judgment,” he said.
Source: https://mjbizdaily.com/falling-stock-prices-force-down-cannabis-industry-ceo-pay-in-2022/
Aviation
IndiGo Crisis Exposes Risks of Monopoly: What If Telecom or E-commerce Collapses Next?
Airports across India witnessed scenes of distress and confusion as thousands of passengers were stranded due to IndiGo’s massive flight disruptions. Families with medical emergencies, funerals, and personal crises were left helpless as the airline cancelled hundreds of flights without adequate communication or support.
Passengers described desperate situations — a mother pleading for sanitary pads for her daughter, a woman unable to transport her husband’s coffin, and others stranded while trying to reach family funerals or hospitals. “It was like a lockdown at the airport,” one passenger said, describing the panic that unfolded as IndiGo’s mismanagement crippled operations nationwide.
Root Cause: IndiGo’s Market Monopoly
The turmoil, industry experts argue, stems from IndiGo’s monopolistic control over India’s domestic aviation market. The airline operates nearly 2,100 flights daily and holds around 60% market share — meaning every second plane flying within India belongs to IndiGo.
This dominance has given the company unparalleled influence. When IndiGo falters, the entire aviation system suffers. Passengers are left with few alternatives, as other airlines lack capacity to absorb stranded travellers. The result: skyrocketing ticket prices, chaos at terminals, and total dependence on a single private operator.
Aviation pioneer Captain G.R. Gopinath, founder of Air Deccan, criticised the government’s inaction, noting that on some routes, IndiGo’s economy fares surged to ₹1 lakh. He compared the situation to a hostage crisis, writing that the airline “held the system ransom” and forced regulators to defer new safety rules meant to protect pilots and passengers.
Government Intervention and Regulatory Weakness
The crisis erupted after IndiGo failed to comply with the Flight Duty Time Limitations (FDTL) — rules introduced by the DGCA in January 2024 requiring adequate rest for pilots. Despite having nearly two years to adapt, IndiGo blamed the rule for operational disruptions, citing a shortage of pilots.
Under mounting public pressure, the government stepped in, temporarily relaxing FDTL norms and capping airfare hikes. Officials claimed the move was to protect passengers, but analysts say it exposed the state’s vulnerability to corporate monopolies. “The government had no option but to yield,” said one aviation policy expert, pointing out that ignoring safety regulations for short-term relief could have long-term consequences.
The crisis also rekindled memories of the June 2025 Air India crash near London, which claimed over 240 lives. Experts warn that compromising pilot rest and safety standards to maintain flight schedules could risk another tragedy.
If Telecom Giants Fail: A National Paralysis
The article raises a troubling question — what if a similar crisis struck the telecom sector, where Jio and Airtel together control nearly 80% of subscribers and serve over 780 million users?
If both networks failed simultaneously, the repercussions would be catastrophic. Internet shutdowns would halt UPI transactions, online banking, OTP verifications, video calls, OTT streaming, and emergency communications. Critical services such as airports, hospitals, stock exchanges, and small businesses — many of which rely on WhatsApp and digital payments — would come to a standstill.
In essence, a telecom breakdown could paralyse India’s digital economy, exposing the nation’s dependence on a duopoly.
E-commerce Monopoly: Another Fragile Ecosystem
The same risk looms over the e-commerce sector, where Amazon and Flipkart dominate nearly 80% of the market. A disruption similar to IndiGo’s could cripple daily life — halting delivery of groceries, medicines, and essential goods, freezing refunds and customer support, and leaving small sellers without platforms to trade.
Local retailers, freed from competition, might exploit shortages by inflating prices. Such a scenario underscores the perils of market centralisation in sectors critical to everyday living.
A Wake-Up Call for Regulators
The IndiGo crisis, analysts say, is a warning shot for policymakers and regulators. A single company’s operational failure exposed systemic weaknesses in India’s infrastructure and consumer protection mechanisms.
As the aviation regulator DGCA investigates and IndiGo works to restore normalcy, the broader lesson remains clear: unchecked monopoly power in any essential service — whether air travel, telecom, or e-commerce — poses a direct threat to economic stability and citizen welfare.
Without stronger competition laws, redundancy frameworks, and regulatory oversight, India risks repeating this crisis across multiple sectors — each time with millions of citizens paying the price.
Agriculture & Life Sciences
Canada’s Cannabis Industry Urges Government to Support Growing Export Market
BuzzBuzz Cannabis Business News — 24 November 2025
Canada’s cannabis sector is calling on federal and provincial governments to recognize its fast-growing export potential and extend the same support other regulated industries receive. Industry leaders warn that Canada is losing its early global advantage due to slow regulatory processes, lack of trade promotion, and limited access to government-backed financing.
Canada’s medical-cannabis exporters now generate more than half a billion dollars annually and ship products to major markets including Germany, the UK, Australia, and Poland. Despite this, cannabis remains largely absent from Canada’s official trade and export strategies.
Industry Calls for Streamlined Export System
Paul McCarthy, President of the Cannabis Council of Canada, says the country has everything required to dominate the global medical cannabis trade—except government alignment.
“Our requests are simple,” McCarthy said. “Expedite Health Canada’s export-permit process, integrate cannabis into federal export programs like Global Affairs Canada trade missions and CanExport, and ensure provinces include cannabis in their export strategies.”
He stressed the need for mutual recognition agreements with importing countries to eliminate redundant testing and documentation. Access to Export Development Canada (EDC) and Business Development Bank of Canada (BDC) services also remains off-limits to cannabis exporters, placing them at a steep disadvantage.
“This industry does not just need permission to operate,” McCarthy added. “It needs to be treated like every other legitimate contributor to Canada’s trade objectives.”
Competitors Are Moving Faster
McCarthy warns that while Canada pioneered medical cannabis standards, other countries are rapidly advancing with more flexible and export-friendly systems.
“Faster approvals, lower compliance costs, and active government-backed strategies are helping other nations catch up,” he said. “Canada’s regulatory friction is already costing us global market share.”
Export permits currently must be issued for each shipment—a process that can take weeks—and Canadian testing standards often differ from international requirements, forcing companies to repeat expensive compliance checks.
High Tide CEO: Canada Needs a National Export Strategy
Raj Grover, CEO of High Tide Inc., says Canada risks surrendering its leadership if policymakers remain inactive.
“Canada developed the world’s most advanced cannabis regulatory system and contributed $76.5 billion to GDP since legalization,” Grover said. “But without a National Cannabis Export Strategy, we will lose ground to Australia, Israel, Portugal, and other emerging competitors.”
He noted that Canada’s industry table created by Innovation, Science and Economic Development Canada (ISED) has not met in more than a year—an opportunity wasted.
Grover urged the federal government to introduce domestic GMP certification and potency standards to streamline international market access. “Canadian producers must currently get GMP approval country by country. It’s duplicative and costly. Canada should be setting global benchmarks, not chasing them.”
Germany: A Key Market for Canadian Firms
High Tide recently expanded into Europe with its majority acquisition of Germany’s Remexian Pharma GmbH, giving the company a direct import and distribution channel in Europe’s largest medical-cannabis market.
“Our German strategy is already structured for success,” Grover said. “Through Remexian, we can supply premium medical cannabis at the lowest possible price, helping meet Germany’s quality and cost demands.”
Grover also warned that U.S. companies are already purchasing Canadian firms to stage their own international expansion—another sign that Canada’s leadership position is slipping.
Government Response Remains Limited
In response to industry concerns, a Global Affairs Canada spokesperson said the Trade Commissioner Service “continues to support exporters of cannabis for medical and scientific purposes that have obtained Health Canada permits.”
However, industry leaders argue that this support is minimal and does not include key tools such as trade missions, export credits, or bilateral agreements that other sectors routinely receive.
A Closing Window of Opportunity
With medical-cannabis exports already exceeding $500 million annually, industry executives say Canada must act quickly to preserve its competitive edge.
As McCarthy warns, without coordinated government support, Canada risks losing high-value pharmaceutical manufacturing, research investments, and thousands of skilled jobs.
And as Grover’s expansion into Germany demonstrates, the industry is moving forward—but whether Canada moves with it may determine if the country remains a global leader or becomes a pioneer that let others capitalize on its breakthroughs.
Business
A Tipping Point for Cannabis: President Trump Champions CBD & Cannabis Science on Truth Social
When the President of the United States shares a video about the life changing potential of hemp derived CBD on his personal social media platform, it is more than news, it is a cultural shift.
For decades our government lied to us about cannabis. It demonized the plant, waged war on its users, and filled prisons while allowing pharmaceutical companies to flood the nation with addictive and deadly drugs. For over a century we have been fighting uphill, not just for legalization, but for truth, for science, and for the right to heal ourselves naturally.
Now in 2025, the most powerful political figure on Earth is using his own voice and platform to talk about the endocannabinoid system and the science backed benefits of CBD. That is monumental. It is validation for everyone who has fought, been arrested, been silenced, and been dismissed for telling this truth. The President’s video post is already being described as a pivotal moment in cannabis history, and President Trump CBD Cannabis Science Truth Social is trending across platforms as advocates celebrate the breakthrough.
The Science Behind the Endocannabinoid System
The video begins by introducing something most people, including many doctors, still know little about, the endocannabinoid system. Discovered in the 1990s, the ECS is a network of receptors and signaling molecules that works as the body’s master regulator, coordinating communication between major systems like the nervous, immune, cardiovascular, and digestive systems.
The roots of this discovery go back much further. CBD was first isolated in 1940 by American chemist Roger Adams, but it was Dr. Raphael Mechoulam, an Israeli organic chemist, who fully elucidated the chemical structure of CBD and identified its stereochemistry in the 1960s. His pioneering work not only opened the door to modern cannabinoid science but also earned him the title “Godfather of Cannabis Research.” It was this foundation that led to the identification of the endocannabinoid system itself decades later, revealing how cannabinoids interact with our physiology on a fundamental level.
The ECS is now widely recognized as a vital part of human biology, with extensive research supported by the National Institutes of Health. When functioning properly, the ECS acts like the conductor of an orchestra, ensuring every section plays in harmony. As we age, the system weakens. That imbalance is linked to inflammation, chronic pain, cognitive decline, sleep problems, and many other conditions associated with aging.
Mainstream medicine often addresses these issues with pharmaceutical band aids, dangerous and addictive drugs that treat symptoms rather than root causes. Lifestyle changes such as diet and exercise help, but they only partially support the ECS and do so slowly over time.
Hemp Derived CBD: A Game Changer for Aging
Here is where the science gets exciting. As the video explains, the ECS can be restored much more quickly with hemp derived CBD. Strengthening this system naturally helps the body regain balance, reducing pain, improving sleep, lowering stress, slowing disease progression, and even extending healthy lifespan.
It is not theoretical. One in five seniors is already using CBD to manage pain, arthritis, cancer symptoms, sleep disorders, Alzheimer’s, and more. Despite decades of research and acknowledgment from institutions like the National Institutes of Health, most physicians receive no training on the ECS. There are still no FDA standards for CBD products on the market. If that were the case for any other class of medicine, it would be considered malpractice.
The World Health Organization has confirmed CBD’s excellent safety profile and non addictive nature in its critical review report. The result is that millions of older Americans are suffering unnecessarily when a safe and natural solution exists.
Hemp derived CBD is a powerful first step in restoring balance to the endocannabinoid system, but it is only part of the picture. Research shows that full spectrum cannabis extracts, which include a broader range of cannabinoids and terpenes, can work even more effectively. Complete concentrated cannabis oil, containing the full spectrum of natural endocannabinoids, may deliver the most profound results for certain patients. Expanding access to these therapies will be essential if we want to unlock the full healing potential of this plant.
The Economic and Social Impact
The video cites a powerful figure. A PricewaterhouseCoopers analysis estimates that fully integrating cannabis into the healthcare system could save the United States nearly 64 billion dollars annually. These savings reflect reduced pharmaceutical dependency, fewer hospitalizations, improved chronic disease outcomes, and enhanced quality of life for aging Americans. You can read more about PwC’s research on healthcare innovation here.
It is a financial argument, but it is also a moral one. Why should our elders endure pain, anxiety, and cognitive decline when nature has given us tools to help them live longer, happier, and healthier lives?
A Call to Action: Finish What the Farm Bill Started
The message concludes by crediting the 2018 Farm Bill, championed by President Trump, for legalizing hemp and laying the groundwork for today’s CBD market. The Farm Bill was just the first step.
Now the call is for bold next moves.
- Educate doctors about the endocannabinoid system
- Include CBD under Medicare coverage
- Provide clear federal standards for CBD quality and dosing
These steps would constitute the most significant senior health reform in modern history, one that would transform aging and cement a powerful legacy for any administration that makes it happen.
What This Means for Future Cannabis Medicine
For those of us who have been in the cannabis community for decades, this is not just another news story. It is a signal that our movement is winning. A conversation that was once criminalized and censored is now being amplified by the President of the United States on his own platform.
It means the science is undeniable. It means the truth can no longer be buried. It means the wall of prohibition is cracking, not just legally, but culturally, scientifically, and politically.
It also means that everything we have been fighting for at 420 Magazine since 1993, education, access, healing, and justice, is finally moving full steam ahead. The President Trump CBD Cannabis Science Truth Social moment is proof that science and policy are finally converging.
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