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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Aurora Cannabis Inc    ACB   CA05156X1087

AURORA CANNABIS INC

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Cannabis maker Aurora picks billionaire investor Peltz as adviser

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03/13/2019 | 11:59am EDT
The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the NYSE in New York

(Reuters) - Canada's Aurora Cannabis Inc on Wednesday tapped billionaire Nelson Peltz as a strategic adviser, betting on the consumer industry-focused veteran to help the recreational marijuana maker chart its expansion into new markets.

Shares of the company jumped 10 percent after it offered Peltz the role and an option to buy nearly 20 million shares at C$10.34 a share, a small discount on the stock's close of C$10.64 on Tuesday.

This equates to a nearly 2 percent stake in the company, which would be vested every quarter over a four-year period, Aurora said.

Peltz brings a network of relationships with large potential strategic companies that Aurora could partner with across medical and consumer applications, Cowen and Company analysts said in a note.

His appointment comes weeks after rival Canopy Growth Corp appointed lifestyle guru Martha Stewart to help develop and launch a line of pot-based products.

Aurora, the second biggest cannabis producer by market value, has also been looking beyond recreational marijuana to drive sales, especially after the legalization of hemp, which was part of 2018 U.S. farm bill.

Hemp, a cannabis plant with no or extremely low concentrations of "high" inducing compound, can be used in foods, organic body care and clothing, among others.

"Canadian licensed producers, and Aurora in particular, are well positioned to lead in the development of the international cannabis industry," Peltz said in a statement.

The activist investor, who heads hedge fund Trian Fund Management, has invested in several global consumer conglomerates, including Mondelez International and Procter & Gamble Co.

He has a 1.5 percent stake worth about $4 billion in P&G and in 2017 won a board seat after waging what was the largest proxy fight ever.

Including Wednesday's gains, Aurora's U.S.-listed shares have surged more than 68 percent this year.

(Reporting by John Benny in Bengaluru; Editing by Shinjini Ganguli, Sriraj Kalluvila and Arun Koyyur)

By John Benny

Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC -3.90% 11.1 Delayed Quote.70.35%
MADISON SQUARE GARDEN CO -0.22% 301.63 Delayed Quote.12.92%
PROCTER & GAMBLE COMPANY 0.04% 106.76 Delayed Quote.16.10%
SYSCO CORPORATION -0.97% 74.68 Delayed Quote.20.48%
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Financials (CAD)
Sales 2019 268 M
EBIT 2019 -312 M
Net income 2019 -286 M
Finance 2019 170 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 43,3x
EV / Sales 2020 14,4x
Capitalization 11 784 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 14,7  CAD
Spread / Average Target 26%
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Managers
NameTitle
Terry Booth Chief Executive Officer & Director
Steve Dobler President & Director
Michael Singer Chairman
Allan Cleiren Chief Operating Officer
Glen W. Ibbott Chief Financial Officer
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