UPDATE 1-Canadian marijuana producer Aphria says CEO to step down

(Provides particulars on CEO transition, particulars on outcomes)

Jan 11 (Reuters) – Canadian pot producer Aphria Inc mentioned on Friday Chief Govt Officer Vic Neufield will step down within the coming months, at a time when the corporate is dealing with questions on its offers in Latin America and a current droop in its shares.

The corporate additionally mentioned Vice-President Cole Cacciavillani will step down within the coming months, however didn’t give any indication when the transition will happen.

Aphria’s shares tumbled about 30 p.c on Dec. 3, following a report by short-seller Hindenburg Analysis and Quintessential Capital Administration saying the corporate’s Latin American offers have been “largely nugatory”. The Hindenburg report mentioned firm has diverted greater than C$700 million to undisclosed beneficiaries by such offers.

Aphria, which not too long ago acquired an all-stock hostile bid from U.S. hashish retailer Inexperienced Development Manufacturers Ltd, mentioned whole income greater than doubled to C$21.7 million ($16.four million) within the second quarter ended Nov.30.

Web earnings jumped eightfold to C$54.eight million. The corporate reported a 92 p.c improve in whole kilograms equal offered, partly helped by the legalisation of leisure marijuana and continued robust gross sales of medical hashish.

Canada turned the primary main economic system to legalise leisure marijuana and its burgeoning marijuana trade has attracted main U.S. companies comparable to Coca-Cola Co and Constellation Manufacturers Inc. ($1 = 1.3201 Canadian {dollars}) (Reporting by Laharee Chatterjee in Bengaluru Modifying by Saumyadeb Chakrabarty)

Source link

Related Posts

About The Author

Add Comment