The Globe and Mail reports in its Monday edition that another top executive in the Canadian marijuana industry is out of their job, as Aurora Cannabis announced the departure of chief corporate officer Cam Battley.
The Globe's Tim Kiladze writes that Mr. Battley joined Aurora in 2016 and quickly became the company's public face. Mr. Battley had also been one of the industry's most vocal optimists, often touting the industry's potential.
His sudden departure, announced Saturday, follows the ouster of former Canopy Growth chief executive officer Bruce Linton this summer, as well as the exits of top leaders at Aphria in January. Also gone are both the chairman and CEO of CannTrust following a scandal. All four companies had been leaders in the race to dominate the Canadian cannabis industry. Legalization was expected to be the catalyst that would justify their lofty market valuations.
However, weak sales and the scandal at CannTrust have contributed to investors abandoning the sector, which has sent share prices plummeting. Aurora's stock price closed at $2.95 on Friday, down 56 per cent year-to-date.
The Horizons Marijuana Life Sciences Index ETF has lost 64 per cent of its value since peaking in October, 2018.
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