NASDAQ | TSX: ACB
Outgoing Chairman Ron
Funk appointed Lead Independent Director, as part of Board
leadership transition
EDMONTON, AB, Sept. 20,
2024 /PRNewswire/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), a
leading Canada-based global
medical cannabis company, today announced the appointments of CEO
Miguel Martin to the additional role
of Executive Chairman and outgoing Chairman Ron Funk as Lead Independent Director. Both
appointments follow unanimous votes by Aurora's Board and are
effective immediately.
Mr. Martin has served as Chief Executive Officer and a director
of the Company since September 2020
and will continue to serve as Chief Executive Officer. During this
time, Mr. Martin has driven significant change within the
organization, including the financial recovery of the Company and
successful business transformation, all while leading with focus
and integrity, and in the best interests of Aurora's shareholders.
As a result, Aurora has been able to weather much of the challenges
that most in the cannabis industry have and continue to face.
Having worked closely with and under the mentorship of Mr. Funk,
who served as Chairman of the Board of Directors (the "Board")
since 2021, the two are aptly positioned to continue to effectively
cultivate strong and unified Board leadership and governance as the
Company enters its next stage of meaningful global growth.
The Board believes that combining the CEO and Chairman roles
will promote strong and consistent leadership, directional clarity,
and effective and efficient decision making – all of which better
position Aurora to execute on its vision for global leadership.
"I am excited to take on this expanded role and equally thrilled
that we will have the ongoing benefit of Ron's extensive business
experience, deep institutional knowledge and meticulous Board
leadership and governance expertise as Lead Independent Director,"
stated Miguel Martin, Executive
Chairman and CEO of Aurora Cannabis.
"It has been a pleasure both serving as Aurora's Chairman of the
Board, and working so closely with Miguel since he was appointed as
CEO. I have no doubt that he will continue to effectively lead and
drive success in this expanded role for the benefit of our
shareholders, and I look forward to our ongoing collaboration in my
role as Lead Independent Director," commented Ron Funk, Independent Director for Aurora
Cannabis. "Aurora's Board and leadership team has evolved greatly
over the past few years, enabled by thoughtful and strategic
succession planning and all with a focus on what is right for the
Company and our shareholders. The future for Aurora is bright, and
I am honoured to remain part of the Company's journey."
In his expanded role as Executive Chairman, Mr. Martin will lead
in setting the Board agenda, drawing on his insight and
understanding of Aurora's business and operations to identify
strategic opportunities and risk mitigation approaches for the
Board's consideration. As Lead Independent Director, Mr. Funk will
continue to be focused on ensuring that the Board functions
effectively and independently of management of the Company and on
continuing to provide independent leadership to the Board.
The Company is also pleased to announce changes to its Board
committee compositions.
- Michael Singer, who previously
acted as Executive Chairman and Interim CEO, is again considered
independent within the meaning of National Instrument 52-110
– Audit Committees, as over three years have elapsed
since he resigned from the Executive Chairman position in
May 2021. As a result, Mr. Singer has
been appointed to the Audit Committee and the Human Resource and
Compensation Committee ("HRCC"), bringing invaluable
expertise to both committees. Both Mr. Singer and Audit Committee
chair, Chitwant Kohli, are considered "audit committee financial
experts" under the rules of the SEC.
- Rajesh Uttamchandani has been appointed to the HRCC and the
Nominating & Corporate Governance Committee, bringing his
experience in human capital, strategy, governance and innovation
which will undoubtedly complement the existing strength of those
committees.
About Aurora
Aurora is opening the world to cannabis, serving both the
medical and consumer markets across Canada, Europe, Australia and South
America. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis, dedicated to helping people improve their lives.
The Company's adult-use brand portfolio includes Drift, San Rafael
'71, Daily Special, Tasty's, Being and Greybeard. Medical cannabis
brands include MedReleaf, CanniMed, Aurora and Whistler Medical
Marijuana Co, as well as international brands, Pedanios, Bidiol,
IndiMed and CraftPlant. Aurora also has a controlling interest in
Bevo Farms Ltd., North America's leading supplier of
propagated agricultural plants. Driven by science and innovation,
and with a focus on high-quality cannabis products, Aurora's brands
continue to break through as industry leaders in the medical,
wellness and adult recreational markets wherever they are launched.
Learn more at www.auroramj.com and follow us
on X and LinkedIn.
Aurora's common shares trade on the NASDAQ and TSX under the
symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain
"forward looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements in this news
release include, but are not limited to, statements regarding the
appointment of Miguel Martin as
Executive Chairman and associated benefits to the Company as well
as the Company's future plans and expectations for global growth
and leadership.
These forward-looking statements are only predictions. Forward
looking information or statements contained in this news release
have been developed based on assumptions management considers to be
reasonable. Material factors or assumptions involved in developing
forward-looking statements include, without limitation, publicly
available information from governmental sources as well as from
market research and industry analysis and on assumptions based on
data and knowledge of this industry which the Company believes to
be reasonable. Forward-looking statements are subject to a variety
of risks, uncertainties and other factors that management believes
to be relevant and reasonable in the circumstances could cause
actual events, results, level of activity, performance, prospects,
opportunities or achievements to differ materially from those
projected in the forward-looking statements. These risks include,
but are not limited to, the ability to retain key personnel, the
ability to continue investing in infrastructure to support growth,
the ability to obtain financing on acceptable terms, the continued
quality of our products, customer experience and retention, the
development of third party government and nongovernment consumer
sales channels, management's estimates of consumer demand
in Canada and in jurisdictions where the Company exports,
expectations of future results and expenses, the risk of successful
integration of acquired business and operations, management's
estimation that SG&A will grow only in proportion of revenue
growth, the ability to expand and maintain distribution
capabilities, the impact of competition, the general impact of
financial market conditions, the yield from cannabis growing
operations, product demand, changes in prices of required
commodities, competition, and the possibility for changes in laws,
rules, and regulations in the industry, epidemics, pandemics or
other public health crises, and other risks, uncertainties and
factors set out under the heading "Risk Factors" in the Company's
annual information form dated June 20, 2024 (the "AIF")
and filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR
at www.sedarplus.com and filed with and available on the
SEC's website at www.sec.gov. The Company cautions that the
list of risks, uncertainties and other factors described in the AIF
is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such information.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
law.
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SOURCE Aurora Cannabis Inc.
