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Seven US marijuana CEOs saw compensation top $4 million in 2021

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Top executives at the largest publicly traded U.S. marijuana companies each received up to $2.6 million in salary and bonuses in fiscal 2021, with stock and option awards boosting total individual compensation to as much as $16 million, according to regulatory filings.

Seven CEOs at these multistate marijuana operators topped the $4 million mark in total compensation in 2021, compared with just one during the previous fiscal year.

As in 2020, Trulieve CEO Kim Rivers was the only woman leading one of the 15 top marijuana MSOs. White men led the rest.

Several marijuana MSO executives below the rank of CEO also drew multimillion-dollar compensation packages, including one at $14 million.

In 2021, the two highest compensated marijuana MSO executives were CEOs rewarded for taking their companies public: Illinois-based Verano Holdings and New York-based Ascend Wellness Holdings.

“There continues to be a high rate of executive turnover and M&A transactions in the industry,” noted Fred Whittlesey, a marijuana compensation expert and founder of the Compensation Venture Group near Seattle.

“Every time there is a hiring, firing or merger, numbers get distorted as executives receive severances, hiring bonuses, new-hire stock grants,” he wrote in an email to MJBizDaily.

Or, in the case of mergers, the buyer often pays a premium over current market price.

Columbia Care co-founder and longtime CEO Nicholas Vita had a total compensation package worth $4.1 million in 2021.

But he could emerge with more than $100 million in cash and stock following Cresco Labs’ pending acquisition of the New York-based multistate marijuana operator – a 16% premium at the time of the announcement.

The package includes a potential $12.2 million change-in-control benefit.

“It’s important to know the story behind the numbers as the industry continues to go through tumultuous times,” Whittlesey wrote.

Year-to-year differences

Executive compensation packages generally vary year to year because some companies provide stock or option awards to their top executives once every two years rather than annually.

For example, Cresco CEO Charlie Bachtell led the list of best-paid U.S. marijuana CEOs in 2020 with total compensation of nearly $4.5 million, largely because of an option award valued at $3.9 million.

But Bachtell didn’t receive equity awards in 2021, when he had one of the lowest total compensation packages among his peers: $1.2 million.

Acreage Holdings CEO Peter Caldini also had one of the lowest compensation packages for marijuana CEOs in 2021, totaling just $900,000. But his numbers will be much higher in 2022.

Caldini soon will receive three bonuses of $833,000 each, for a total of $2.5 million, in reward for his continued service and to provide retention incentives, according to a regulatory filing from last week.

Stock-based pay volatile

Whittlesey also stressed how speculative the stock-based compensation numbers are.

Compensation breakdown for top multistate operators

Show 102550100 entriesSearch:

NameCompanyTotal CompensationSalaryBonusIncentive PlanStockOptionsOther
George ArchosVerano Holdings$16,034,122$367,694$200,000$15,342,890$123,524$14
Abner KurtinAscend Wellness$15,960,000$851,827$350,000$1,000,000$13,750,000$8,173
James CacioppoJushi Holdings$9,871,132$487,132$2,124,000$7,260,000
Kim RiversTrulieve Cannabis$8,054,480$500,000$1,280,000$1,399,991$2,354,938$2,519,551
Robert Groesbeck (co-CEO)Planet 13 Holdings$6,495,401$492,918$492,000$5,472,785$37,698
Larry Scheffler (co-CEO)Planet 13 Holdings$6,486,865$492,918$492,000$5,472,785$29,162
Nicholas VitaColumbia Care$4,146,884$485,753$360,000$3,300,003
Jason Wild (excecutive chair)TerrAscend$2,278,385$516,216$1,762,169
Jonathan SandelmanAyr Wellness$1,786,458$586,458$1,200,000
Boris Jordan (executive chair)Curaleaf Holdings$1,750,000$750,000$1,000,000

Showing 1 to 10 of 15 entries

PreviousNextSource: Regulatory filings, Fred Whittlesey, Compensation Venture Group, MJBizDaily research

“The crash in cannabis stock prices shows that actual pay may be a fraction of the required disclosed figures reported last year,” he wrote in the email.

For example, Jushi Holdings CEO James Cacioppo received a grant of 2.92 million options in 2021, according to the company’s proxy statement.

Unlike other marijuana companies, Florida-based Jushi didn’t report a value for the option award in the executive compensation summary table, as is customary.

Whittlesey calculated the value of Cacioppo’s options at $7.26 million at the time of the award on Oct. 27, 2021, using a moderate range of assumptions and stock price volatility.

Jushi calculated a value of $7.15 million for the option grant, after being contacted by MJBizDaily.

But today, the value of those options is much lower, because Jushi’s stock price has declined more than 50% from $3.81 on Oct. 27, 2021, to roughly $1.75 per share.

Jushi calculated a fair market value of $2.4 million for those options as of last week’s stock price, while Whittlesey calculated a $4.7 million fair market value.

Fair market is a hypothetical value based on what would likely occur under “normal” conditions. Market value, by contrast, is what the stock actually sells for at a given point in time, such as when an executive exercises the options.

Whittelsey stressed that the hypothetical calculation depends on what values are placed in the formula, such as volatility.

“It’s easy to change assumptions to bring the number down,” Whittlesey wrote. “There are a lot of moving parts in an option valuation.”

As a practical matter, the calculation is unimportant, Whittlesey noted. The options are worth zero today because the stock price is well below the option-exercise price of $3.91 per share.

But Cacioppo’s options don’t expire until Oct. 27, 2031, so there’s plenty of time for the stock to recover, appreciate and make the options worth millions of dollars.

Topping the list

Verano CEO George Archos topped the list as the highest-paid CEO at a publicly traded U.S. marijuana MSO, with 2021 compensation valued at just over $16 million.

The bulk of that sum included a stock award valued at $15.3 million. While some cannabis Dispensaries saw even more than that.

Steve Mazeika, Verano’s director of communications, referred to the regulatory filing that indicated that the equity award was associated with Verano going public in early 2021 through a reverse takeover of an existing company.

Darren Weiss, Verano’s chief operating officer, received a stock award valued at $13.8 million related to that deal, boosting his total compensation package to $14.3 million, according to regulatory filings.

“Following our (initial public offering), we instituted a normalized corporate compensation structure, which will be outlined in a future public proxy statement,” Mazeika wrote in an email to MJBizDaily.

Abner Kurtin, CEO of New York-based Ascend Wellness, held the No 2. spot in 2021, with a compensation package valued at $15.96 million, according to the company’s proxy statement.

That included a stock award valued at $13.75 million.

Ascend Wellness noted in a statement to MJBizDaily that Kurtin’s compensation included a one-time bonus related to the company’s IPO, “and is therefore not reflective of his typical yearly compensation.”

The company added that Kurtin elected to take all of his 2022 compensation, with the exception of certain health care and other benefits, as Ascend Wellness common stock.

Jushi’s Cacioppo was the third-highest-compensated marijuana CEO in 2021, with a total package valued at $9.87 million.

In addition to his option award valued by Whittlesey, Cacioppo earned the highest total cash compensation of $2.6 million in 2021.

That included a salary of $487,132 and a bonus of $2,124,000 – the largest bonus paid to a U.S. marijuana CEO in 2021.

The bonus, however, was “put toward the repayment” of executive loans to the company, according to Jushi’s proxy statement.

Trulieve referred MJBizDaily to the company’s regulatory filings, which describe Rivers’ total compensation of $8 million in 2021.

Rivers, who ranked fourth in total compensation, heads a company that has long been at or toward the top of MSO profitability.

Meanwhile, Florida-based Trulieve rivals Massachusetts-based Curaleaf Holdings as the largest MSO in terms of total revenue.

Trulieve said in its regulatory filings that it believes in providing its senior executives with a “competitive pay package that includes a strong link between corporate performance and compensation” and that includes a combination of salary, annual bonuses and “long-term incentives in the form of equity-based compensation.”

Whittlesey noted that although the value of the 2021 equity awards have declined, the situation could reverse in the future.

Marijuana stock prices have taken a beating in large part because federal legalization hopes waned after a burst of enthusiasm following the 2020 elections, when Democrats took back the White House and, by the slimmest of margins, the U.S. Senate.

“I think everyone in the industry is hoping the reverse (in stock prices) occurs going forward and realized pay could be much higher over the next few years from the grants made in 2021,” Whittlesey wrote.

Source: https://mjbizdaily.com/seven-us-marijuana-ceos-saw-compensation-top-4-million-in-2021/

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Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light

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Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.

India’s Indigenous LEO Satellite Vision

Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.

The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.

According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.

The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.

Regulatory Process Moves Forward

Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.

The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.

Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.

Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.

Broadband, Mobile Connectivity, and Strategic Applications

Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.

The company also intends to establish 20 to 22 ground stations across India to support network operations.

Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.

Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.

Major Step for India’s Space and Telecom Sectors

Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.

The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.

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Alleged Crores Pharma Scam Mastermind Arrested from Surat

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After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.

Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.

Fake Business Deals and Dishonoured Cheques Used in Fraud

Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.

In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”

Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.

Multiple Identities and Repeated Fraud Pattern

Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.

Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.

Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.

Multi-State Surveillance Leads to Arrest in Surat

A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.

Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.

Growing Threat of Corporate Identity Fraud

The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.

Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.

Experts Urge Stronger Due Diligence in High-Value Transactions

Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.

Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.

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EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices

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A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.

Investigation Under Digital Markets Act Gains Momentum

The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.

Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.

Industry Groups Demand Swift Action

Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.

Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.

In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.

Google Denies Allegations

Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.

However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.

Potential Billion-Euro Penalties

If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.

Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.

Wider Implications for Big Tech

The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.

A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.

As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.

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