05:25:59 EST Wed 01 Dec 2021
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Aurora Cannabis Inc (2)
Symbol ACB
Shares Issued 198,120,055
Close 2021-10-08 C$ 8.99
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Globe says Aurora CEO enjoys bonuses despite losses

2021-10-12 09:28 ET - In the News

The Globe and Mail reports in its Tuesday edition that despite stagnant revenue, layoffs, facility closings and big losses, the top executives of some of the largest cannabis companies in Canada were awarded millions in bonuses and performance stock grants on top of their sizable salaries. The Globe's Vanmala Subramaniam and David Milstead write that pay decisions at Aurora and others show the companies are rewarding executives for minimizing cash losses and simply surviving in the weed industry. Aurora recently announced that 8 per cent of its work force would be laid off as a result of multiple facility closings. Its revenue has declined for three consecutive quarters between Sept. 30, 2020, and June 30, 2021, while losses for the year ending June 30 came to almost $700-million. Aurora awarded its chief executive officer Miguel Martin, who joined the company in September, 2020, a bonus of $365,579 in addition to a base salary of $670,689 for the fiscal year ended June 30. Mr. Martin's total pay was $4.35-million, including $2.2-million in stock awards. Aurora used a mix of revenue, cash flow, profit and employee-satisfaction measures as goals, with the earnings targets anticipating the company would lose money.

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