Terry Booth Departs Aurora Board, Shifts Focus to Psychedelics
Aurora Cannabis (NYSE: ACB) Inc. co-founder and former chief executive Terry Booth has departed the company’s board of directors, the Canadian firm said Monday.
In a news release, Aurora executive chairman and interim CEO Michael Singer thanked Booth for leading the company and helping to establish it as a prominent player in the global cannabis landscape.
“As one of the original cannabis visionaries, Terry leaves an enviable legacy in the form of Aurora Cannabis,” Singer said via the release. “He helped set the table for the company to lead in Canada and globally, and we continue to execute our plan to do so profitably."
Recall that Booth stepped down as CEO of Aurora in February. At the time, Aurora said it would eliminate 500 full-time-equivalent jobs and cut spending in a bid to become profitable.
Booth’s departure comes just two weeks after it was announced that co-founder Steve Dobler would resign as president and board director at the end of June.
Aurora has since committed to shedding another 700 jobs and shuttering five facilities as part of a massive turnaround effort.
Several notable Aurora executives have left the company in recent months, including chief product officer Shane Morris, chief corporate officer Cam Battley and global business development chief Neil Belot.
Last month, the firm said it would make its formal entry into the U.S. market via the acquisition of CBD company Reliva in an all-stock transaction valued at nearly $40 million.
For his part, Booth has spent the last few months linking up with several drug companies, including investing in a startup called Red Light Holland Corp. which plans to produce psilocybin mushrooms for the Netherlands market and counts Canopy Growth founder and former chairman Bruce Linton as an advisor. Comedian Russell Peters is also listed on Red Light Holland's website as chief creative officer.
In addition to his investment in Red Light Holland, Booth also joined the board of Psyched Wellness Corp., which describes itself as a “health supplements company dedicated to the production and distribution of artisanal functional mushrooms and associated consumer packaged goods.”
"In my opinion, the opportunities that exist for this non-addictive, age gated, safe recreational fungi or a prescribed micro-dosed psilocybin drug has significant global market potential," Booth said in a news release issued earlier this month.
Booth, through a wholly-owned corporation called Lola Ventures Inc., has received 3 million common shares of Psyched Wellness, according to a filing.
The former Aurora executive was also recently named the chairman of PharmaDrug Inc.’s advisory board, where he will focus on the company’s psychedelic business. According to its website, PharmaDrug is “building a European controlled substances company with a focus on medical cannabis and psychedelics.”
"My review and involvement with these three 'mushroom' companies have me committed to PharmaDrug, Psyched and Red Light," Booth said via a release. "The non-competitive synergies that exist between these three companies position them as a strong united force. I expect that my common bond with all three of them will foster a strong relationship between the three."
In May, Booth joined the board of Toronto-based healthcare technology company Eyecarrot Innovations. He also sits on the board of Quinsam Capital, a cannabis investment firm.