Louis Barack
About Louis Barack
Louis Jonathan Barack (age 48) is President, Chief Revenue Officer and Corporate Secretary of Jushi Holdings Inc.; he co-founded the company in 2018, has served as President since December 2019, assumed CRO in November 2024, and Corporate Secretary in March 2025. He brings over a decade of hedge fund investing experience, including cannabis-focused investments at One East Capital Advisors (2013–2018), and holds a BA from Princeton and a JD/MBA from Northwestern . Company performance in FY2024: revenue declined 4.4% to $257.5 million while Adjusted EBITDA rose 13.2% to $46.2 million, indicating improved operating efficiency despite top-line pressure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jushi Holdings Inc. | Co‑founder; President; Chief Revenue Officer; Corporate Secretary | 2018–present; President since Dec 2019; CRO since Nov 2024; Corporate Secretary since Mar 2025 | Senior leadership across revenue and corporate functions; founding strategic influence |
| One East Capital Advisors | Investment professional focusing on cannabis investments | 2013–2018 | Led cannabis investment focus; sector expertise leveraged in Jushi build-out |
| Various hedge funds | Investments (public/private) | Over 10 years | Broad investing track record supporting capital allocation and growth |
External Roles
- None disclosed in filings .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $400,015 | $400,015 | $414,599 |
| Target Bonus (% of base) | Discretionary (up to 80%) | Discretionary (up to 80%) | Discretionary (up to 80%) |
| Actual Bonus Paid/Accrued ($) | — | $120,000 | $265,333 (accrued; subject to Board discretion) |
| Current Base Salary (as of latest amendment) | $450,000 |
|---|
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue Growth | Discretionary (not disclosed) | Not disclosed | FY2024 revenue $257.5m vs $269.4m in FY2023 (−4.4%) | Not disclosed | Not applicable |
| Adjusted EBITDA Growth | Discretionary (not disclosed) | Not disclosed | FY2024 Adjusted EBITDA $46.2m vs $40.8m in FY2023 (+13.2%) | Not disclosed | Not applicable |
| Qualitative objectives (acquisitions, equity raises, talent) | Discretionary | Not disclosed | Not disclosed | Not disclosed | Not applicable |
| Equity Awards (Grant-Date Fair Value $) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Options/Warrants (FASB ASC 718) | $1,251,011 | $388,050 (includes incremental value from 2023 reprice) | $215,160 (incremental value from 2024 reprice) |
| Option Repricing Details (Louis J. Barack) | Old Strike | New Strike | Quantity | Date | Vesting Reset |
|---|---|---|---|---|---|
| Reprice of 2019 and 2022 options | $2.00; $1.93 | $0.54 | 793,000; 1,000,000 | Sep 13, 2024 | Repriced 1,793,000 options vest in three equal annual installments from 9/13/2024 (vests 9/13/2025, 9/13/2026, 9/13/2027) |
| Outstanding Equity Awards (as of Dec 31, 2024) | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration | Vesting Notes |
|---|---|---|---|---|---|
| Options (Grant 5/17/2023) | 200,000 | 400,000 | $0.48 | 5/17/2033 | 1/3 vested on 5/1/2024; remaining 1/3 on 5/1/2025 and 5/1/2026 |
| Options (Grant 12/17/2023) | 333,333 | 666,667 | $0.55 | 12/17/2033 | 1/3 vested 12/17/2024; remaining 1/3 on 12/17/2025 and 12/17/2026 |
| Options (Reprice Grant 9/13/2024) | — | 1,793,000 | $0.54 | 9/13/2034 | Vests 1/3 on 9/13/2025, 9/13/2026, 9/13/2027 |
Equity Ownership & Alignment
| Ownership Component (as of Apr 17, 2025) | Amount | Notes |
|---|---|---|
| Total beneficial ownership (Subordinate Voting Shares) | 5,055,106 | Includes 733,333 options exercisable within 60 days and 1,500,000 warrants exercisable within 60 days; represents 2.54% of shares outstanding |
| Ownership % of outstanding | 2.54% | Based on 196,696,597 shares outstanding |
| Options exercisable within 60 days | 733,333 | Included in beneficial ownership calculation |
| Warrants exercisable within 60 days | 1,500,000 | Included in beneficial ownership calculation |
| Anti-hedging/anti-pledging policy | Prohibits hedging and pledging by officers/directors/employees | |
| Stock ownership guidelines | Not disclosed |
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | Effective May 1, 2019; amended June 9, 2020 and Nov 5, 2024 |
| Current Base Salary | $450,000 |
| Target Bonus | Discretionary, up to 80% of base salary; payable in cash or equity; subject to Board approval |
| Equity Eligibility | Eligible for grants under 2019 Equity Incentive Plan |
| Non‑compete / Non‑solicit | Non‑compete 6 months; non‑solicit 2 years |
| Severance (termination without cause) | Lump sum equal to 12 months base salary (regardless of change-in-control) upon execution of release |
| Change‑in‑control | Automatic termination; cash severance equal to 12 months base salary plus full vesting of all outstanding equity grants |
| Post‑termination option exercise | Extended post-termination exercise periods for certain options (see 2024 proxy’s PTEP amendment) |
Compensation & Ownership History (Multi‑Year)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $400,015 | $400,015 | $414,599 |
| Bonus ($) | — | $120,000 | $265,333 (accrued; subject to Board approval) |
| Option Awards ($) | $1,251,011 | $388,050 (incl. 2023 reprice incremental) | $215,160 (incl. 2024 reprice incremental) |
| All Other Compensation ($) | $24,977 | $23,633 | $30,123 |
| Total ($) | $1,676,003 | $931,698 | $925,215 |
Related Party Transactions and Red Flags
- Option repricing: On Aug 12, 2024, the Board approved a cancellation-and-regrant program that repriced Louis Barack’s options from $2.00/$1.93 to $0.54 and reset vesting over three years; option repricing is a governance red flag that can weaken pay-for-performance alignment .
- Related party transaction policy: Company lacked formal written policies for related party transactions (Audit Committee oversight; intent to adopt policy), increasing governance risk; however, MI 61‑101 protections apply due to CSE listing .
Say‑on‑Pay & Shareholder Feedback
- As an emerging growth company, Jushi is not required to conduct say‑on‑pay votes; executive compensation disclosures are scaled under the JOBS Act .
Investment Implications
- Alignment: Barack’s 2.54% beneficial ownership, combined with upcoming multi-year vesting of 1.793 million repriced options at $0.54, aligns incentives to drive share price above low strikes, but repricing reduces risk borne by the executive and can dilute performance discipline .
- Vesting/selling pressure: Key vest dates are 5/1/2025 (200k from 5/17/2023 grant), 12/17/2025 (333,333 from 12/17/2023 grant), and 9/13/2025–2027 (tranches of the 1.793m repriced options), which can create incremental selling or hedging considerations (hedging prohibited) and supply overhang .
- Retention risk: Severance is 1x base salary with full equity vesting on change-in-control, suggesting moderate cash protection but strong equity acceleration that could incentivize transaction outcomes; non-compete is relatively short (6 months), which modestly increases post-exit mobility risk .
- Pay-for-performance: Bonuses are discretionary with qualitative metrics; lack of disclosed weighting/targets weakens transparency. Rising Adjusted EBITDA in FY2024 amid revenue decline indicates operational improvements, but discretionary bonuses and option repricing temper confidence in tight performance linkage .