Shares of Aurora Cannabis (NYSE :), (TSX 🙂 took another hit yesterday, declining an additional 5% the day after it was announced that the Alberta-based marijuana grower had continued ties with its once highly acclaimed special. advisor, billionaire investor Nelson Peltz.
Peltz, the president of the fast food company Wendy & # 39; s and the co-founder of the New York multi-billion dollar asset management company Trian Fund Management, joined the company in March 2019 to help Aurora bring its operations to the international stage. . But during Peltz's 18 months at the medical cannabis grower and distributor, the company lost about $ 2.6 billion ($ 3.5 billion), according to estimates.
The company made the announcement in a press release outlining how it will hold its annual general meeting on November 12 in a virtual format due to the COVID-19 pandemic.
According to a report in Marijuana Business Daily, Aurora Peltz granted options to purchase nearly 20 million shares at a price of C $ 10.34 (USD $ 7.73). The stock has since fallen by about 96%. The Aurora stock closed at US $ 4.78 yesterday, C $ 6.50 on the TSX.
Last week, Aurora reported a net loss of more than C $ 1.8 billion to her, ending the fiscal year with a loss of C $ 3.3 billion (USD $ 2.5 billion). Net income for the quarter ended June 30 was C $ 72.1 million (USD $ 53.9 million), approximately 4.5% lower than the previous quarter.
Largest European Cannabis Fund Established
A London-based investment company has announced its intention to raise $ 100 million for a new cannabis-focused investment fund.
Chrystal Capital Partners establishes its Verdite Capital Fund. If it achieves its goal, it will become the largest dedicated cannabis fund in Europe, according to media reports. According to Chrystal Capital, the fund will be a "diversified portfolio of high quality investments in the legally regulated medical cannabis industry".
It will include companies producing cannabis-derived drugs and other CBD products, with half of its assets in North America. The fund will stay away from companies active in the recreational marijuana market.
Verdite will be one of the few investment funds targeting the cannabis industry outside of North America.
California Wildfires Threaten Outdoor Cannabis Crops
The California wildfires threaten the largest outdoor cannabis crops, estimated to be worth millions.
One of the largest fires is making its way into one of the most lucrative legal areas for outdoor cannabis cultivation in the US, a corner of Northern California known as the Emerald Triangle. The crop there, where plants now tower in the sky, some up to 5 meters high, is in full bloom. The legal harvest is estimated at approximately $ 20 million (CAD 27.8 million).
