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Birthday : 07/24/1942
Place of birth : Brooklyn (New York) - United States
Biography : Nelson Peltz is a businessperson who founded Trian Fund Management LP and who has been at the head o

Billionaire investor Peltz steps down as adviser at pot producer Aurora

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09/28/2020 | 12:26pm 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

Aurora Cannabis Inc said on Monday billionaire investor Nelson Peltz has stepped down as adviser, adding to troubles at the Canadian pot producer reeling under the impact of the coronavirus pandemic.

The company tapped Peltz as a strategic adviser in March last year, betting on the consumer industry-focused investor to he
lp the recreational marijuana maker chart its expansion into new markets. (https://reut.rs/3jbHEJS)

However, the pandemic has hit the cash-strapped cannabis industry hard and forced many companies to shut down. Aurora also laid off hundreds of employees this year, shut facilities and amended its loan agreements.

Aurora Cannabis named insider Miguel Martin its chief executive officer earlier this month, tasking him with turning around the company.

For most weed producers in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth.

($1 = 1.3359 Canadian dollars)

(Reporting by Shradha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)

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APHRIA INC. -2.61% 5.97 Delayed Quote.-11.95%
AUXLY CANNABIS GROUP INC. -6.82% 0.205 Delayed Quote.-62.04%
CANOPY GROWTH CORPORATION -2.55% 25.94 Delayed Quote.-5.02%
CRONOS GROUP INC. -3.90% 7.64 Delayed Quote.-23.37%
ORGANIGRAM HOLDINGS INC. 1.85% 1.65 Delayed Quote.-48.28%
THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD. -2.13% 0.23 Delayed Quote.-69.33%
THE SUPREME CANNABIS COMPANY, INC. -7.14% 0.13 Delayed Quote.-79.37%
TILRAY, INC. -1.46% 6.73 Delayed Quote.-60.71%
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