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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/

Business

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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AI & Technology

Amazon Faces Potential Criminal Trial in Italy Over €1.2 Billion Tax Evasion Allegations

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Milan: U.S. tech giant Amazon is facing the prospect of a major legal showdown in Italy, after prosecutors in Milan formally requested a court to move forward with criminal proceedings over alleged tax evasion totaling approximately ₹12,500 crore (€1.2 billion).

The case targets Amazon’s European division along with four senior executives, marking one of the most significant tax-related investigations involving a global e-commerce platform in Europe.

Trial Push Despite Multi-Million Euro Settlement

The move comes even after Amazon reached a financial settlement with Italian tax authorities in December, agreeing to pay around ₹5,500 crore (€527 million), including interest, to resolve part of the dispute.

Typically, such settlements lead to the closure of criminal investigations. However, Milan prosecutors have opted to proceed, signaling a tougher stance on alleged corporate tax violations.

A preliminary hearing is expected in the coming months, where a judge will decide whether to formally indict the company and its executives or dismiss the case.

Allegations of VAT Evasion Through Marketplace Sellers

At the center of the investigation are claims that Amazon’s platform enabled non-European Union sellers to avoid paying value-added tax (VAT) on goods sold to Italian consumers between 2019 and 2021.

Prosecutors allege that the company’s marketplace structure allowed thousands of foreign vendors—many reportedly based in China—to operate without fully disclosing their identities or tax obligations. This, authorities argue, led to substantial VAT losses for the Italian government.

Under Italian law, online platforms facilitating sales can be held partially liable if third-party sellers fail to comply with tax requirements, a key point in the prosecution’s case.

Italian Government Named as Affected Party

In their filing, prosecutors identified Italy’s Economy Ministry as the injured party, citing significant financial damage resulting from the alleged tax evasion.

Legal experts say the outcome of the case could have wide-ranging implications across the European Union, where VAT systems are harmonized and similar compliance rules apply to digital marketplaces.

Multiple Investigations Add to Pressure

The VAT probe is just one of several legal challenges facing Amazon in Italy. The European Public Prosecutor’s Office is reportedly examining additional tax-related issues covering more recent years.

Meanwhile, Milan authorities are pursuing separate investigations into alleged customs fraud linked to imports from China and whether Amazon maintained an undeclared “permanent establishment” in Italy—potentially exposing it to higher tax liabilities.

In a separate regulatory action, Italy’s data protection authority recently ordered an Amazon unit to stop using personal data from over 1,800 employees at a warehouse near Rome.

Amazon Denies Allegations

Amazon has consistently denied wrongdoing and indicated it will strongly contest the allegations in court if the case proceeds. The company has also warned that prolonged legal uncertainty could impact investor confidence and Italy’s appeal as a destination for international business.

Broader Impact on Europe’s Digital Economy

If the case moves to trial, it could become a landmark moment for the regulation of global e-commerce platforms in Europe. Governments across the region are increasingly scrutinizing how digital marketplaces handle tax compliance, especially in cross-border transactions.

With online retail continuing to expand, regulators are under mounting pressure to ensure that multinational platforms and third-party sellers adhere to the same tax rules as traditional businesses.

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Aviation

IndiGo Crisis Exposes Risks of Monopoly: What If Telecom or E-commerce Collapses Next?

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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.

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