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Aurora Cannabis Says Nelson Peltz Resigns As Senior Advisor

Aurora Cannabis Inc. said Monday that activist investor Nelson Peltz has resigned as a senior advisor to the company, effective September 25, 2020.

The Canadian cannabis company disclosed Peltz's resignation while announcing details about its annual general meeting to be held on November 12, 2020.

"…280 Park ACI Holdings LLC has resigned as senior advisor to the Company, effective September 25, 2020 in order to pursue other commitments. 280 Park ACI Holdings LLC, the principal of which is Nelson Peltz, had been providing services to the Company since March 2019 with respect to its US strategic initiatives," Aurora Cannabis said in a statement.

Aurora Cannabis also said that its upcoming annual general and special meeting or AGM will be held on Thursday, November 12. Due to the global COVID-19 public health emergency, the AGM will be held for the first time in a virtual-only format, via live webcast.

While announcing the appointment of Peltz as its strategic advisor in March 2019, Aurora Cannabis had said it will work with Peltz to explore potential partnerships for the company's successful entry into each of its contemplated market segments. The company added that Peltz will advise on the company's global expansion strategy.

Peltz joined Aurora after the company's rivals Canopy Growth and Cronos Group secured big investments from brewer Constellation Brands and tobacco company Altria Group Inc. respectively.

Last Friday, Aurora Cannabis reported a wider loss for fiscal year 2020. The company' full-year net loss widened to C$3.31 billion from a restated loss of C$300.60 million in the prior year, while net revenue grew to C$278.91 million from restated C$245.54 million.

In early September, Aurora Cannabis announced the appointment of Miguel Martin as its new chief executive officer. Michael Singer, who served as interim CEO since February 2020, will remain executive chairman.

Aurora Cannabis said in June that it has initiated a plan to close five smaller production facilities over the next two quarters in order to focus production and manufacturing at the company's larger scale sites. The company added it will cut jobs at the corporate and production level as well as reduce third-party consulting and professional spending across the organization.

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