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, chief executive officer of Ascend Wellness Holdings (CSE: AAWH-U.CN) (OTCQX: AAWH), was the highest-paid CEO among leading publicly traded cannabis company executives in 2023, according to a review of securities filings by Green Market Report.

Hartmann, who served as Ascend’s CEO from May 2023 until September 2024, received a compensation package worth a total of $3.9 million in 2023, the most recent year for which much cannabis CEO pay data is available.

Hartmann’s multimillion-dollar pay package isn’t too far out of the average for chief executives running large public marijuana companies, according to GMR’s review.

Rather, out of 21 leading public cannabis companies, there were four other CEOs that also made well over $3 million that year. Another 10 CEOs had salaries that topped  $1 million. In addition, several of the companies had more than one CEO in 2023.

But the crown for the highest-paid executive is a moving 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.

If the analysis goes back one additional year, with a range of 2021-2023, then Trulieve Cannabis Corp. CEO Kim Rivers and Verano Holdings CEO George Archos are likely the real winners, with $15.2 million and $19.3 million, respectively, in overall compensation.

The lowest-paid cannabis CEO in 2023 was Peter Caldini at Acreage Holdings, who departed the company in July that year and was paid only a base salary of $254,429. Caldini was succeeded by Dennis Curran, who in 2023 received a total compensation package worth $1.5 million.

For comparison, most U.S. CEOs in mainstream industries earn between $667,525 and $1.1 million, as of Feb. 1, according to Salary.com.

All told, the 21 cannabis companies examined by Green Market Report paid 29 chief executives and executive chairmen a total of $39.3 million in 2023. That includes $13.8 million in base salaries and much more in stock options, incentive compensation, and other financial perks, according to each of the companies’ proxy statements filed last year. Some of those proxy statements included information about executive compensation for 2024, or included prior year compensation figures, but many did not.

Also in 2023, many of those same companies lost a cumulative $2 billion, according to an analysis last year of 20 top public cannabis company earnings. Only Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) posted a profit that year; the others all lost tens of millions of dollars.

The breakdown

In reviewing compensation packages for high-profile public cannabis company leadership, here’s what Green Market Report found:

4Front Ventures Corp. (CSE: FFNT) (OTCQB: FFNTF)

In 2023, CEO Leonid Gontmakher made a base salary of $400,000, as well as option-based awards of another $400,000, for total compensation worth $800,000.

Gontmakher stepped aside in January 2024, and the 4Front board appointed then-interim Chief Financial Officer Andrew Thut as the company’s new CEO moving forward. 4Front has yet to publish information about Thut’s employment agreement or pay scale.

In 2023 as interim CFO, Thut was paid a base salary of $350,552, a bonus of $297,683, share-based awards of $300,000, and option-based awards of $986,784, for a total compensation package of $1.9 million.

Acreage Holdings (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF)

In 2023, CEO Peter Caldini made a base salary of $254,429. He resigned that July.

Following Caldini, CEO Dennis Curran received a base salary of $358,764 in 2023, stock awards of $797,210, and incentive plan compensation worth $358,750, for a total package worth $1.5 million.

As of January 2024, Curran’s base salary was increased to $420,000, and he’s eligible for a bonus of up to 100% of his salary and a second performance-based bonus of up to 200% of his salary.

Ascend Wellness Holdings (CSE: AAWH-U.CN) (OTCQX: AAWH)

In 2023, interim CEO Daniel Neville received a base salary of $451,923, stock awards of $707,777, and option awards of $116,612, for a total package worth $1.2 million. Neville resigned from the company in November 2023.

When Hartmann took over as permanent CEO, he received a base salary of $566,346, plus stock awards worth $3.4 million, for total compensation worth $3.9 million.

Hartmann stepped down as CEO last year and was replaced by board member Samuel Brill. Brill’s employment agreement delivered him a base salary of $550,000, an annual performance-based bonus and stock awards of 5 million shares.

Ayr Wellness (CSE: AYR.A) (OTCQX: AYRWF)

In 2023, CEO David Goubert’s base salary was $750,004. He received no other compensation.

The year before that, however, Goubert made even less, with a base salary of $112,501 plus a $200,000 bonus, for a total package worth $312,501.

By contrast, Ayr Executive Chairman Jonathan Sandelman was paid a base salary of $1.2 million in both 2022 and 2023. Sandelman made even more in 2021, with a base salary of $586,458 and a $1.2 million bonus, for total compensation worth $1.7 million.

Goubert stepped down from the CEO job in September last year, and the board appointed Steven Cohen, previously an outside legal advisor, as interim CEO. Cohen’s employment agreement has not yet been made public.

Cresco Labs (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ)

In 2023, CEO and founder Charlie Bachtell received only his base salary of $450,000.

The year before that, however, Bachtell received his base salary plus a bonus of $549,000, for total compensation of $999,850.

Curaleaf Holdings (TSX: CURA) (OTCQX: CURLF)

In 2023, CEO Matt Darin received a base salary of $750,000 plus a $431,005 bonus, for total compensation worth $1.1 million.

That same year, Executive Chairman Boris Jordan also made a base salary of $750,000 and received a bonus of $441,340 for a compensation package worth $1.1 million.

Darin stepped down as CEO last year, and Jordan was anointed CEO by the Curaleaf board. It’s not clear yet if his employment agreement or compensation package has changed since then.

Glass House Brands (GLAS.A.U:CA) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF)

In 2023, CEO and Chairman Kyle Kazan received a base salary of $360,000, share-based awards of $966,600, and incentive compensation worth $180,000, for a total package worth $1.5 million.

The year before, however, Kazan made only his base salary of $360,000.

In 2021, Kazan was paid a base salary of $201,753 and made just over $5 million in share-based awards, for total compensation of $5.2 million.

Gold Flora Corp. (Cboe Canada: GRAM) (OTCQB: GRAM)

In 2023, CEO Laurie Holcomb made a base salary of $305,654, stock awards of $288,000 and incentive plan compensation of $12,000, for a total package worth $605,654.

The year before, Holcomb’s base salary was just $180,000, and she got $12,000 in incentive compensation, for total pay package of $192,000.

In July 2023, however, Holcomb’s employment agreement was revised by the board and her base salary was increased to $450,000, and she’s eligible for a performance-based bonus of up to 50% of her salary.

Vireo Growth (CSE: VREO) (OTCQX: VREOF), 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.

The prior year, Kingsley made even more, with a base salary of $360,000, option awards of $558,435, and stock awards of $672,430, for total compensation of $1.5 million.

Following Kingsley’s resignation, Joshua Rosen was appointed interim CEO and received a base salary of $300,000. Rosen’s total compensation that year was $300,176.

Rosen was made permanent CEO in May 2024, but resigned after just five months, at which point the Vireo board appointed Amber Shimpa the new CEO.

Shimpa’s employment agreement calls for a base salary of $325,000, and she was given 1 million stock units and is eligible for a performance-based cash bonus.

Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF)

In 2023, CEO and founder Ben Kovler received a base salary of $345,013, plus $169,993 in stock awards, $679,997 in option awards and $627,719 in incentive plan compensation, for a total package of $1.8 million.

Kovler earned similar amounts in 2022 with a total package worth $1.8 million and in 2021 with a package worth $1.7 million.

iAnthus Capital Holdings (CSE: IAN) (OTCQB: ITHUF)

In 2023, iAnthus CEO Robert Galvin received a base salary of $414,774, a bonus of $225,000, stock awards worth $350,000, and other compensation of $64,826, for a total package worth just over $1 million.

That was far less than what he earned in 2022, when Galvin’s base salary was $675,000, with $3.4 million in stock awards plus $167,181 in option awards, for a total compensation package worth $4.3 million. The year before that, Galvin made the same $675,000 base salary and also got a bonus of $250,000, for total package worth $925,000.

Galvin stepped down in July 2023 and was succeeded by Richard Proud.

Proud was given a base salary of $219,231, a bonus of $337,500 and stock awards of $3,310,138, for total compensation of $3.5 million in 2023.

Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF)

In 2023, CEO Jim Cacioppo received a base salary of $850,032, a bonus of $1.5 million and option awards of $1.1 million, plus other compensation of $20,677, for total compensation package of $3.5 million.

The year before, in 2022, Cacioppo did even better with a base salary of $750,027, a bonus of $1 million, option awards of $6.7 million and other compensation of $34,031, for a total package worth $8.5 million.

The $12 million in compensation in two years easily makes Cacioppo one of the highest-paid cannabis chief executives in recent times.

MariMed  (CSE: MRMD) (OTCQX: MRMD)

In 2023, CEO Jon Levine received a base salary of $375,000, option awards of $315,028, stock awards worth $146,250 and a bonus of $43,194, for a total package worth $879,472.

In December that year, Levine also received 10 million stock shares, and his employment agreement makes him eligible for a bonus of up to 120% of his salary.

Medicine Man Technologies/Schwazze (OTC: SHWZ) (Cboe CA: SHWZ)

In 2023, CEO Justin Dye received a base salary of $148,077, plus stock awards of $178,333, for total compensation of $326,399.

Dye stepped down in May 2023 and was replaced by Nirup Krishnamurthy.

That year, Krishnamurthy was given a base salary of $413,269, a bonus of $100,000, stock awards of $1.8 million, option awards of $813,749 and other compensation of $8,244, for a total package worth $3.2 million.

Krishnamurthy left the CEO position in February last year, and the Schwazze board tapped Forrest Hoffmaster to take over as chief executive. His CEO employment agreement calls for a base salary of $400,000 plus a performance-based bonus of up to $240,000.

Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH)

In 2023, co-CEOs Robert Groesbeck and Larry Scheffler had the same base salary of $500,000. Groesbeck received $68,429 in other compensation for a total package of $568,429, while Scheffler received $57,407 in other compensation, for a total package worth $557,407.

Both made a decent bit more in 2022, when they received an extra $254,000 in incentive plan compensation on top of their $500,000 base salaries.

Groesbeck and Scheffler’s employment agreements expire at the end of this year.

StateHouse Holdings (CSE: STHZ) (OTCQB: STHZF)

In 2023, CEO Ed Schmults was paid a base salary of $459,440, plus other compensation of $8,330, for a total package of $467,770.

In 2022, Schmults had a base salary of $377,658 and other compensation of $8,923 for a total package worth $386,581.

Last year, StateHouse went belly up and was sent to the auction block for sale just last month.

TerrAscend Corp. (TSND: CA) (OTCQX: TSNDF)

In 2023, CEO Ziad Ghanem had a base salary of $479,808, stock awards of $206,510, incentive plan compensation of $386,798, plus other compensation of $24,555, for a total package worth just over $1 million.

The year before that, Ghanem did significantly better, with a base salary of $412,468, stock awards of $166,500, incentive plan compensation of $170,000, and option awards worth $1.8 million, for a total package worth $2.6 million.

In April last year, the TerrAscend board approved a raise for Ghanem, to a base salary of $527,500.

Tilt Holdings (Cboe CA: TILT) (OTCQB: TLLTF)

In 2023, CEO Tim Conder received a base salary of $235,577, a bonus worth $25,500, stock awards of $118,440 and incentive plan compensation of $133,333, for a total package worth $512,850.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF)

In 2023, CEO Kim Rivers received a base salary of $750,000, a bonus of $11,638, stock awards worth $780,252, option awards worth $870,308, incentive plan compensation of $941,250 and other compensation of $3,765, for a total package worth $3.3 million.

That likely makes Rivers the highest-paid woman CEO of a public cannabis company, if not the highest-paid female executive in the entire U.S. marijuana industry.

In the two years preceding, however, Rivers made even more. Her salary in 2022 was $500,000, but her total compensation package was $3.9 million, and in 2021, her total compensation package was just over $8 million.

That means Rivers has been paid $15.2 million in just three years.

The Cannabist Co. Holdings (CBST:CA) (OTCQX: CBSTF) (FSE: 3LP)

In 2023, CEO Nicholas Vita received a base salary of $500,000, plus other compensation of $20,000, for a total package worth $520,000.

Vita stepped down as CEO in January last year and was succeeded by David Hart. So far the company has not disclosed Hart’s employment agreement or compensation scale.

Verano Holdings Corp. (VRNO:CA) (OTCQX: VRNOF)

In 2023, CEO George Archos received a base salary of $475,000, a bonus of $301,790, incentive plan compensation of just over $1 million and other compensation of $11,578, for a total package worth $1.8 million.

The year prior, Archos made the same base salary but more in stock awards, for total compensation of just over $2 million. In 2021, however, Archos really cashed in, with a base salary of $375,000, a $200,000 bonus, stock awards worth $14.8 million, and stock options worth $123,537, for a total package worth $15.5 million.

That brings Archos’s three-year compensation to $19.3 million.

In a state once seen as America’s most promising medical marijuana market, Florida cannabis operators are now grappling with plummeting prices and slowing sales despite an aggressive push to open new dispensaries — and the scene is about to transform as regulators nearly double the number of licensed operators.

Prices fell 30% in the fourth quarter of 2024, marking an accelerating decline in the state’s medical market, according to a new equity research report from Zuanic & Associates.

The steep drop comes amid a broader retail expansion push and follows voters’ rejection of recreational legalization, despite a $140 million campaign backed by market leader Trulieve Cannabis Corp. (OTCQX: TCNNF).

“It is probably too early to make a call on (Florida), although our initial hypothesis is that price competition will intensify,” Zuanic noted, citing expanded cultivation capacity and softer demand trends.

To nobody’s surprise, Trulieve set the pace for growth, opening 29 new stores this year – a 22% jump from 2023 – and which accounts for 35% of all new Florida dispensaries in 2024. The company still dominates the market overall, with 38.2% of the entire state’s cannabis flower sales volume in the third quarter.

Curaleaf Holdings Inc. (OTC: CURLF) has maintained its runner-up position in both flower and non-flower sales, despite seeing its flower market share slip to 10.2% from 11.2% last year. The company added five stores in 2024, bringing its total to 66.

Not all MSOs are keeping up. While Trulieve and Cresco Labs (CSE: CL) (OTCQX: CRLBF) have posted strong sales per store, others like Verano Holdings Corp. (OTC: VRNOF) and Ayr Wellness Inc. (OTCQX: AYRWF) are struggling. Verano (Müv) saw per-store flower sales drop 25% to 1,470 ounces in the third quarter, well below the state average of 2,310 ounces.

“The mix of price pressure and more stores in a declining market will likely squeeze some operators,” according to the report.

The market’s decline has picked up speed throughout the year, swinging from 14% growth in the first quarter of 2024 to an 18% drop in October/November.

Some sleepers are putting up numbers. Privately-held Jungle Boys is outperforming many public companies, with its 11 stores averaging 4,900 ounces of flower sales in the third quarter – surpassing even Trulieve’s 4,060 ounces per store.

Cresco seems to have found some success by focusing on operations rather than expansion, after previously doubling its store count. Without adding to its 33 stores, the company doubled its flower market share to 5% in third quarter, while growing total flower sales by 102% from last year.

Inventory tells part of the story, with some retailers offering three times as many flower options as competitors. Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH), which entered Florida through its VidaCann acquisition in May, narrowed its per-store volume gap but stocks just 8 types of whole flower per store. That’s well behind Cansortium’s (Fluent) 25 options and Verano’s 15, plus additional ground flower products. Planet 13 aims to double revenue if locations can reach average state sales figures, CFO Dennis Logan told investors last month.

Private operator Sunburn Cannabis doubled its flower market share to 3% in the third quarter, while more than doubling non-flower sales to 3.8%. Starting with 11 stores last year, Sunburn now runs 16 locations and sells 3.29 ounces of flower per store – handily beating the state average.

Meanwhile, some operators are simply falling behind. Beleaguered Green Dragon, despite operating 39 stores, reported just 530 ounces of flower sales per store — less than a quarter of the state average. However, recent word from its CEO seem to signal a revitalization sometime in the near future.

At the end of the day, Florida’s medical marijuana market, which analysts project will reach $2.8 billion in sales this year, will continue to be viewed as a bellwether for the maturing industry so as long as recreational reality exists somewhere in the distance.

Now the market faces its biggest shakeup since 2017, with 22 new medical operators approved in late November. But it’ll still take time and money to stand any of those up, much less to the scale of some of the current operators. Who’ll be left in the pool a few years from now is anybody’s guess.