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Cannabis Summary for Dec. 23, 2019

2019-12-23 19:49 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 5.67 points to 366.34 Monday. Aurora Cannabis Inc. (ACB) fell 30 cents to $2.65 on 29.13 million shares after the company's chief corporate officer, Cam Battley, resigned, effective Friday. With 10,000 followers on Twitter, he was a popular public figure and was the public face of the company. The Globe and Mail noted that Mr. Battley was one of the industry's most vocal optimists, frequently touting the industry's potential. The bursting of the marijuana bubble has seemingly tinted the outlook for even the strongest believers.

Mr. Battley joins a long list of prominent cannabis industry executives that have since resigned or been fired. First, top executives at Aphria Inc. (APHA: $6.42) were shown the door, including chief executive officer Vic Neufeld. Then, Canopy Growth Corp. (WEED: $25.94) co-chief executive officer and co-founder Bruce Linton was ousted from his role by Canopy's chief investor, Constellation Brands Inc. That was quickly followed in July when Canntrust Holdings Inc.'s (TRST: $1.07) CEO, Peter Aceto, and chairman, Eric Paul, were fired after backlash when the company was caught illegally growing marijuana. All of Canopy, Aurora, Aphria and Canntrust are, or had been, leaders in the Canadian cannabis industry.

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