Cannabis Weekly Round-Up: Aurora Gets New CEO

- September 11th, 2020

A Canadian cannabis producer has a new leader, while a cannabis investment company continues a fight with an investor group.

One of the big Canadian public producers got itself a brand new executive leader this week.

Meanwhile, a dispute between a cannabis investment company and its shareholders intensified.

Keep reading to find out more cannabis highlights from the past five days.

Aurora Cannabis names new CEO

Miguel Martin has been appointed the new CEO of Aurora Cannabis (NYSE:ACB,TSX:ACB).

“Miguel is a highly experienced executive with an exceptional track record of performance in a number of consumer products categories,” said Michael Singer, now ex-interim CEO for the company.

“After an extensive search which included evaluation of many highly-respected candidates, Miguel stood apart with both strong commercial and cannabinoid sector expertise, as well as his passion for Aurora’s success,” Singer added in a statement.

Martin previously served as an executive with electronic cigarette-maker Logic Technology.

Aurora also took the opportunity to give investors a business update and offered unaudited preliminary results for its fourth fiscal quarter.

According to the producer, it now expects its net revenue line for the period to fall between C$70 million and C$72 million, lower than the C$75.5 million recorded in the previous quarter.

Shareholder dispute continues

This past week, Australis Capital (CSE:AUSA,OTC Pink:AUSAF) told the market it met with the disgruntled shareholders it’s having a dispute with; after that, the company issued a letter to the group.

In its letter, the company claims the group did not meet with the leaders of the firm in good faith.

“While some members of your group have at times made a number of valid points and continued to do so on Friday, other members of your group and your public communications have continued to demonstrate a propensity to fabricate and obfuscate,” wrote Harry DeMott, director of Australis Capital.

The investor group in contention with the company issued its own statement following the letter from Australis. In its statement, the investors dispute the intentions of the board in the wake of the recent missed acquisition strategy.

The shareholder group is now issuing an ultimatum to the company: “We call on the members of this self-serving, self-interested and self-preserving Board to STAND DOWN to the will of the holders of nearly 40 (percent) of Australis’ outstanding shares.”

Cannabis company news

  • Village Farms International (NASDAQ:VFF,TSX:VFF) announced it plans to acquire the remaining shares it does not own already of cannabis producer Pure Sunfarms, a joint venture managed with Emerald Health Therapeutics (CSE:EMH,OTCQX:EMHTF), in a deal worth C$79.9 million.
  • High Tide (CSE:HITI,OTCQB:HITIF) told its shareholders it will release its Q3 operational results next week, on September 16.
  • Liberty Health Sciences (CSE:LHS,OTCQX:LHSIF) gave investors a sneak peek into the progress on its LHS360 facility in Gainesville, Florida.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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