Aurora Cannabis Announces Executive Moves, Provides Corporate Update
In the face of growing financial losses and a stock that has lost more than 80% of its value over the last nine months, Canada’s Aurora Cannabis Inc. is shaking things up.
The company recently shared that chief corporate officer Cam Battley had stepped down from his position on December 20, among other notable announcements.
Battley joined Aurora in 2016 and was named chief corporate officer last year, according to a press release.
"Our roots run deep, and Cam has been an integral part of the development, growth and expansion of Aurora," Aurora CEO Terry Booth said via the release. "We are grateful for Cam's leadership and passion over his many years with Aurora. I am sure Cam will be successful as he moves on to tackle Australia."
Last month, Battley was named to MedReleaf Australia’s board of directors. Aurora owns a 10% equity stake in MedReleaf Australia and has 50% of its voting rights, according to Cowen analyst Vivien Azer.
Two days after announcing Battley’s exit, Aurora issued a corporate update outlining recent financial decisions. The company recently pumped the brakes on expansions in Denmark and Alberta last month while simultaneously converting $227 million (CAD) of unsecured debt into common shares of the company.
Nevertheless, Aurora executives have remained optimistic following the initial rollout of its “Cannabis 2.0” products across Canada. Those offerings are not expected to hit dispensary shelves until January, however.
"We have focused our collective efforts to be ready for the successful launch of Cannabis 2.0 as Canada takes the next step in the legalization of newly allowed product forms,” Booth said via the release. “We are ready and have launched a diversified portfolio of new product formats and are excited for Canadians to have access to high-quality, safe alternative cannabis products such as edibles, vape pens and other derivatives."
The company currently makes a variety of CBD and THC vape products and edibles – including gummies, chocolates, baked goods and mints – according to a press release.
Aurora also recently opened a flagship retail store inside the West Edmonton Mall, North America’s largest shopping mall. The location spans 11,000 sq. ft. and is visited by 700 customers per day, Aurora said. According to the company, 94% of shoppers make a purchase while visiting.
"This space is a reflection of Aurora's core values, a celebration of our past, and cements our position as an innovative industry leader,” Booth said.
Aurora also announced the hiring of Rick Savone to the role of senior vice president of global government relations. Savone will oversee the company’s “relationships with governments around the world, helping them to create regulations that will allow greater access to medical cannabis products for patients,” according to a release.
The company’s former chief of global business development, Neil Belot, exited Aurora earlier this month according to Marijuana Business Daily.
Last month, the company promoted former senior vice president of product development, Shane Morris, to chief product officer. Aurora also promoted André Jérôme, formerly the senior vice president of business integrations, to the role of chief integration officer.
"Aurora is committed to maintaining its global leadership position in the cannabis industry and we have built a strong team that will drive the future growth and strategic development of the business," Booth said at the time.
Aurora, which is headquartered in Edmonton, Alberta, Canada, is one of the largest vertically integrated cannabis companies in the world. It has sales and operations in 25 countries.
Additional updates can be found in the company’s most recent press release.