Aurora Cannabis Appoints New CEO

Miguel Martin, who was hired as chief commercial officer in July, will begin the CEO role effective immediately.

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EDMONTON, AB, Sept. 8, 2020 /CNW/ - PRESS RELEASE - Aurora Cannabis today announced that Miguel Martin has been appointed Chief Executive Officer, effective immediately. Martin, a 25-year consumer packaged goods industry veteran who joined Aurora in July 2020 as chief commercial officer, was previously CEO of Reliva. 

Michael Singer, who has served as interim CEO since February 2020, has stepped down from his temporary role and will remain executive chairman. 

"In his short time at Aurora, Miguel has demonstrated decisive leadership," Singer noted in the press release about the appointment. "Miguel is a highly experienced executive with an exceptional track record of performance in a number of consumer products categories. After an extensive search which included evaluation of many highly-respected candidates, Miguel stood apart with both strong commercial and cannabinoid sector expertise, as well as his passion for Aurora's success."

Aurora also announced other business updates, including its expected Q4 net revenue of $70 million to $72 million, which is below the company's reported $75.5 million in Q3. 

Cannabis net revenue is expected to be between $66 million and $68 million, compared to $69.6 million in Q3 2020.

"Over the last six months, Aurora has focused on building the infrastructure and capabilities necessary for a successful and diversified business," Singer said in a press release. "The first phase of our business transformation, which is now substantially complete, included the rationalization of our cost structure, reduced capital spending, and a more prudent and targeted approach to capital deployment. As a result, we now have a far more efficient asset base and infrastructure to supply our key global markets. I am delighted to now be transitioning the CEO responsibilities to Miguel, and I am confident that Aurora is in a strong position to succeed under Miguel's leadership."