Aurora Cannabis Inc said on Monday billionaire investor Nelson Peltz has stepped down as adviser, adding to troubles at the Canadian pot producer reeling under the impact of the coronavirus pandemic.
The company tapped Peltz as a strategic adviser in March last year, betting on the consumer industry-focused investor to help the recreational marijuana maker chart its expansion into new markets.
However, the pandemic has hit the cash-strapped cannabis industry hard and forced many companies to shut down. Aurora also laid off hundreds of employees this year, shut facilities and amended its loan agreements.
Aurora Cannabis named insider Miguel Martin its chief executive officer earlier this month, tasking him with turning around the company.
For most weed producers in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth.
($1 = 1.3359 Canadian dollars)