Aurora Cannabis and billionaire investor Nelson Peltz “have concluded their relationship,” a spokeswoman for the Alberta, Canada-based company confirmed to Marijuana Business Daily.
Peltz signed on as a strategic adviser in March 2019 to help Aurora lock in partnerships and expand internationally – a move that was heralded at the time as a major vote of confidence for the Canadian company.
Aurora lost more than 3.5 billion Canadian dollars ($2.6 billion) during the time Peltz served as an adviser.
Peltz co-founded New York-based multibillion-dollar asset management firm Trian Fund Management. He is also director of fast-food holding firm Wendy’s Co. and Procter & Gamble.
Aurora brought in Peltz after Canadian competitors Canopy Growth and Cronos Group locked up multibillion-dollar investments from global liquor giant Constellation Brands and Virginia-based Altria, respectively.
When Peltz joined Aurora, the company agreed to grant him options to purchase almost 20 million shares in the business at CA$10.34 apiece.
However, the stock price has fallen roughly 96% since then.
The Edmonton, Alberta, company acknowledged Peltz’s departure in an email to MJBizDaily, saying “Aurora confirms the company and Nelson Peltz have concluded their relationship.
“This change is a direct result of Mr. Peltz’s decision to pursue other commitments, and the company appreciates his valuable contributions.”
Earlier this month, Aurora elevated Miguel Martin to CEO.
Matt Lamers is Marijuana Business Daily’s international editor, based near Toronto. He can be reached at [email protected].