Nelson Peltz joins the marijuana industry as new strategic advisor with Aurora Cannabis, adding another layer of legitimacy to the emerging industry.
Peltz said he believes Aurora has a solid execution track record, is strongly differentiated from its peers, has achieved integration throughout the value chain and is poised to go to the next level across a range of industry verticals. In exchange, Aurora has granted him options to buy almost 20 million common shares at CAD$10.34.
The announcement was well received by analysts covering the Canadian cannabis firm, who lauded the vote of confidence by Peltz to the cannabis industry.More news: Four New 'Sniper Elite' Projects Announced, Including 'Sniper Elite 5'
"Canadian licensed producers, and Aurora in particular, are well positioned to lead in the development of the global cannabis industry", Peltz said in a statement.
Across all Canadian issues, there were 43 new 52-week highs and four new lows, with total volume touching 42.76 million shares. The company traded as high as C$12.33 and last traded at C$12.03.
"Trian has been involved with a number of CPG companies such as PepsiCo, Dr Pepper Snapple, Procter & Gamble, Kraft Foods, Heinz, Mondelez, among others". Aurora's shares jumped more than 7 percent in early trading in NY, reaching as high as $8.60 each.More news: Last remaining U.S. diplomats leave Venezuela
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 US farm bill.
"Nelson is a globally recognized business visionary with a strong track record of constructive engagement to generate accelerated, profitable growth and shareholder value across many verticals of great interest to us", Aurora Chief Executive Officer Terry Booth said in the statement.
'We see a number of potential of growth areas, certainly consumer packaged goods.More news: Nancy Pelosi Boots Mike Pence From His House Office
Bringing in the high-profile adviser increases the likelihood of strategic partnerships for Aurora, said Martin Landry, an analyst with GMP Securities. CGC is the largest producer of medical marijuana in North America. (NYSE:ACB) news were published by: Benzinga.com which released: "Tilray Inc (NASDAQ:TLRY), (ACB) - Tilray Acquisition Of Manitoba Harvest Sets Early Pace For 2019 As "Year Of Consolidation" - Benzinga" on February 25, 2019, also Investorplace.com with their article: "Aurora Cannabis Should Have Bought This Hemp Company - Investorplace.com" published on February 26, 2019, Seekingalpha.com published: "Aurora Cannabis Is Benefiting From Canada's Messy Legalization - Seeking Alpha" on February 25, 2019. The stock had previously closed at C$10.64. Year-to-date, ACB has gained 75.00%, versus a 12.56% rise in the benchmark S&P 500 index during the same period.
- Oakland Raiders Release WR Jordy Nelson
- Former NYPD Commissioner Calls for Obstruction Investigation into Clinton Email Probe
- Patriots reportedly were outbid by Titans for Adam Humphries
- Alia Bhatt makes an exciting announcement on her birthday
- James Gunn back as Guardians of the Galaxy 3 director
- Chicago Bears sign Ha Ha Clinton-Dix: Grade, reaction and more
- New Zealand shooting: Brenton Tarrant called for attack on 'invader' Sadiq Khan
- Dolphins' QB situation murkier after Ryan Tannehill dealt to Titans
- Manchester United's Solskjaer Lukaku a doubt for Wolves clash
- Cameron Wake agrees to three-year deal with Titans