Kyle Landrum
About Kyle Landrum
Kyle Landrum is Chief Production Officer (CPO) at Trulieve Cannabis Corp., serving as CPO since 2019 after joining as Cultivation Manager in 2017; he is 39 years old and oversees all cultivation and processing operations . He holds a B.S. in Agricultural Economics and a master’s in Agricultural Education from the University of Florida, and previously managed nearly 200 employees as Director of Operations at Rib, Inc. (2011–2017) . Company performance context for incentive alignment: 2024 revenue was $1.2B with Adjusted EBITDA of $420M (35% margin), cash from operations of $271M, and 33 dispensary openings (225 stores at year-end) ; cumulative TSR value of a $100 investment measured for 2024 was 16.39, with net loss attributable to common shareholders of $(155.1)M and Adjusted EBITDA $420.2M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trulieve Cannabis Corp. | Cultivation Manager | 2017–2019 | Early build-out of cultivation capabilities; foundation for scaled production |
| Trulieve Cannabis Corp. | Chief Production Officer | 2019–Present | Oversees all cultivation and processing operations across the enterprise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rib, Inc. | Director of Operations | 2011–2017 | Managed nearly 200 staff; multi-site operational leadership experience |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $300,000 | $315,000 | $350,000 |
| Target Bonus (% of Salary) | 50% | 50% | 50% |
| Discretionary Bonus ($) | — | $17,949 | $17,893 |
| Non-Equity Incentive Paid ($) | $86,801 | $182,207 | $289,479 |
Performance Compensation
| Metric | Weighting | 2024 Target | 2024 Actual | Payout Determination | Resulting Payout |
|---|---|---|---|---|---|
| Revenue ($) | 50% | $1,100,000,000 | $1,200,000,000 | Actual exceeded maximum/stretch | 200% of target |
| Adjusted EBITDA ($) | 25% | $300,000,000 | $420,000,000 | Actual exceeded maximum/stretch | 200% of target |
| Cash from Operations ($) | 25% | $200,000,000 | $271,000,000 | Actual exceeded maximum/stretch | 200% of target |
| Equity Incentives | Grant Date | Type | Quantity/Strike | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Annual LTI | 3/08/2024 | RSUs | 37,500 units | 50% in year 2; 50% in year 3 | Included in $375,000 stock awards |
| Annual LTI | 3/08/2024 | Options | 67,902 @ $10.00 | Equal amounts over 3 years | Included in $374,819 option awards |
| Prior LTI | 7/25/2023 | RSUs | 28,758 unvested; value $148,966 | 50% in year 2; 50% in year 3 | N/A |
| Prior LTI | 7/25/2023 | Options | 85,324 ex.; 42,662 unex. @ $3.99; exp. 2/24/2030 | Equal amounts over 3 years | N/A |
| Summary Compensation | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock Awards ($) | $374,998 | $229,485 | $375,000 |
| Option Awards ($) | $472,904 | $255,972 | $374,819 |
| All Other Compensation ($) | $25,158 | $3,765 | $26,601 |
| Total Compensation ($) | $1,266,655 | $1,004,378 | $1,433,792 |
| 2024 Equity Vesting Realized | Shares Vested | Value Realized ($) |
|---|---|---|
| RSUs vested in 2024 | 37,487 | $215,135 |
Equity Ownership & Alignment
| Beneficial Ownership (as of 4/24/2025) | Shares/Units | Notes |
|---|---|---|
| Subordinate Voting Shares | 284,310 | Percent indicated as “less than 1.0%” (*) |
| Options exercisable within 60 days | 225,078 | Included in beneficial ownership methodology |
| RSUs scheduled to settle within 60 days | — | Not disclosed for Landrum in 60-day window |
| Pledged Shares | N/A | No pledging disclosure; plan restricts pledging of restricted stock prior to lapse of forfeiture |
| Hedging Policy | Prohibited | No hedging, short sales, or derivative transactions; company will adopt updated clawback provisions per SEC rules |
Employment Terms
- Base salary and bonus: $350,000 base; target annual bonus $175,000 (50% of salary), with threshold 50%, target 100%, maximum 200% outcomes; Kim Rivers sets quarterly objectives for NEOs; annual goals tied to revenue, Adjusted EBITDA, and cash flow from operations .
- Severance (without cause/for good reason): 1.5x (salary + greater of current-year target bonus or prior-year actual bonus) plus prorated current-year bonus; payable over 18 months; COBRA premiums for 18 months; immediate vesting of unvested equity (performance awards vest only upon certification) .
- Change of control (double trigger within 24 months): 2.0x (salary + greater of target or prior-year bonus) plus prorated current-year bonus; equity vesting provisions as above; 280G “best-net” cutback (no gross-ups) .
- Clawbacks and risk: Company intends to adopt SEC-mandated clawback provisions; compensation policies are structured to avoid excessive risk-taking; hedging and short sales prohibited .
- Non-compete/non-solicit: Employment agreements generally include confidentiality; specific non-compete/non-solicit terms for Landrum not disclosed in proxy (examples provided for another executive in separate 8-K, but Landrum’s agreement details are limited in the proxy) .
Investment Implications
- Pay-for-performance alignment appears tight for 2024: Landrum’s annual cash incentive paid at 200% of target due to revenue ($1.2B), Adjusted EBITDA ($420M), and operating cash flow ($271M) exceeding maximum goals; equity mix balanced across RSUs/options with multi-year vesting .
- Retention risk vs. selling pressure: Immediate vesting of unvested equity upon termination (subject to performance certification) reduces lock-in and could create incremental selling pressure on separation; severance (1.5x/2.0x) and COBRA support mitigate near-term retention risk .
- Ownership “skin in the game”: Beneficial ownership includes 284,310 shares and 225,078 options exercisable within 60 days, but percentage is under 1% of outstanding; hedging prohibited and no pledging disclosure, supporting alignment, though executive stock ownership guidelines are not disclosed for NEOs (director guidelines exist) .
- Governance/compensation oversight: Independent Compensation & HR Committee uses Meridian and a broad peer group (including cannabis peers) and received 86.6% say-on-pay approval in 2024, suggesting shareholder acceptance of pay design amidst sector volatility .
Overall, Landrum’s incentives are levered to top-line, EBITDA, and cash generation with multi-year equity vesting; severance/CIC terms are standard and shareholder-friendly (no excise tax gross-up), while immediate vesting on termination is the key retention/watchpoint for potential supply overhang if separation occurs .