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.

Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) closed a $15 million private placement of senior secured notes.

The notes carry a 12.75% interest rate and mature in 2029, the company said in a Tuesday news release. They were issued at 97% of face value and join an existing $235 million debt offering completed in July, which was dubbed one of the largest debt deals in legal cannabis ever.

The new funding comes shortly after the company’s losses more than doubled to $28.3 million in the third quarter of 2024 versus the previous year, while sales increased just 0.3% to $141.6 million.

The company, which runs grows and retail stores across seven states, cut its sales forecast in August, citing tougher competition in “select” markets. It had originally projected 12-15% revenue growth for the year.

In recent months, Ascend has brought in new leadership, with Sam Brill stepping in as CEO and Roman Nemchenko as CFO, following the August departure of CEO John Hartmann. The new executives started a cost-saving program aimed at cutting $30 million in yearly expenses, including reducing office and store staff.

The company said it plans to use the proceeds of this latest funding for “general corporate purposes, including to fund growth initiatives.”

Seaport Global Securities LLC handled the financing arrangements.

The notes are backed by “substantially all assets” of Ascend and certain subsidiaries, the company said. Terms allow investors to be repaid at par through July 2026.

The notes were offered privately in Canada and the U.S. to qualified institutional buyers and accredited investors, subject to a four-month holding period under Canadian securities laws, according to the news release.

Multistate operator Ascend Wellness (CSE: AAWH-U.CN) (OTCQX: AAWH) is facing calls for a formal investigation into its footprint in Massachusetts, where social equity advocates seized upon a media report that the company has violated state cannabis business ownership caps.

The Black Economic Council of Massachusetts (BECMA) and Equitable Opportunities Now (EON) have sent a letter to the state Cannabis Control Commission and state lawmakers, urging authorities to “immediately initiate an investigation and full review of all license ownerships” by Ascend, according to a press release.

The letter came in the wake of a report by independent journalist Grant Smith Ellis, who cited unnamed cannabis industry sources when he reported that Abner Kurtin, the executive chairman of Ascend, “owns/controls between 6-9 licenses” in Massachusetts. That, Smith Ellis noted, would be a violation of the state’s strict three-license cap per owner and could be a legal headache for Ascend.

“Considering that one of the leading voices in favor of lifting the license cap is allegedly in violation of these very limits, we urge the Cannabis Control Commission (CCC) to immediately initiate an investigation and full review of all license ownerships to ensure strict compliance with the CCC’s regulations and the Commonwealth’s anti-monopoly, pro-competition, and pro-equity policies – starting with Ascend Wellness,” the letter reads. “This review should prioritize practices for providing greater transparency in license ownership.”

Violations of the three-license cap are not limited to Ascend, the letter claims, but rather is a trend that extends to others in the industry who “are using family members and others as straw purchasers, exercising control not reflected in CCC documents, and otherwise violating ownership limits to exercise excessive influence over this fragile emerging market.”

“The CCC must demonstrate its commitment to market integrity by strictly enforcing the Commonwealth’s ownership limits,” the letter asserts. “We urge the CCC to conduct a comprehensive review of all license holders to ensure no violations of ownership limits by using relatives or associates.”

The letter from BECMA and EON also cited state lobbying records, which it said showed that Ascend has spent $30,000 thus far this year in efforts to lift the three-license cap. The letter also noted a similar ownership allegation was made in a 2021 lawsuit against Kurtin, which charged that he “invested in, lent money to, or attempted to develop more than three” Massachusetts cannabis businesses. Kurtin is also one of the largest owners of Ascend.

In addition to investigating Kurtin and Ascend, BECMA and EON asked for regulators to establish a new anonymous tip line for whistleblowers to safely report similar violations and for lawmakers to give the CCC all the resources it needs to “preventing market consolidation.”

Many of the same coalition also claimed responsibility for killing a legislative amendment that would have rolled back the same three-license cap earlier this year.

A spokesperson for Ascend did not immediately respond to a request for comment Wednesday.