Former Aurora Cannabis CEO Terry Booth steps down as a director

With Booth as CEO, the company obtained a federal licence to grow and sell cannabis in 2014.

Aurora Cannabis Inc. has lost two of its cofounders in a very short period of time. Photo by Aurora Cannabis

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Less than two weeks after Aurora Cannabis Inc. cofounder and president Steve Dobler announced that he’s retiring on June 30, another company cofounder has walked out the door.

Today, the Edmonton-based licensed producer revealed that former long-time CEO Terry Booth retired as a director on Friday (June 26). Booth was the company’s top officer from 2013 to early this year, according to his Linkedin profile.

Executive chairman Michael Singer replaced Booth as the interim CEO in February at the same time that the company laid off 500 workers.

“As one of the original cannabis visionaries, Terry leaves an enviable legacy in the form of Aurora Cannabis,” Singer said in an Aurora Cannabis news release today. “He helped set the table for the company to lead in Canada and globally, and we continue to execute our plan to do so profitably.”

In March, after Booth stepped down as CEO, Bloomberg reported that he sold more than 12 million Aurora shares—more than two-thirds of his entire stake—netting about $13.6 million.

This was prior to a 12:1 share consolidation, which occurred after Aurora stock fell below the US$1 mark required to retain its listing on the New York Stock Exchange.

Booth, Dobler, Dale Lesack, and Chris Mayerson founded Aurora in 2006 and the company was granted a federal licence to grow and sell cannabis in 2014.

In March 2019, after taking over CanniMed and announcing its intention to purchase MedReleaf, Aurora share price reached $162.04 (postconsolidation figure) in Toronto.

Before the TSX opened today, Aurora was trading at $17.09.

Charlie Smith

I'm the editor of the Georgia Straight newspaper in Vancouver, as well as a CannCentral contributor.

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