Article by Jeff Lagerquist,
Nelson Peltz has resigned as a strategic advisor to Aurora Cannabis (ACB.TO)(ACB), ending an 18-month collaboration that dashed expectations for a deal based on the billionaire investor’s mighty rolodex.
The CEO and founding partner of New York-based Trian Fund Management LP was expected to leverage his connections to major U.S. consumer goods firms like PepsiCo (PEP) and Mondelez International (MDLZ) to strike a deal similar to booze giant Constellation Brands’ (STZ) major stake in Canopy Growth (WEED.TO)(CGC).
Edmonton-based Aurora has undergone sweeping changes from its boardroom to its greenhouses since Peltz’s role was announced last March. Under the leadership of new CEO Miguel Martin, the company has a path to the U.S. market through the acquisition of CBD distributor Reliva, where Martin served as CEO prior to the deal.
A consumer packaged goods industry veteran in his own right, Martin recently unveiled a plan to shift Aurora’s focus towards premium cannabis in a bid to achieve profitability by the second quarter of 2021.
Aurora said on Monday that 280 Park ACI Holdings LLC has resigned as senior advisor to the company, effective Sept. 25, 2020. Peltz is the principal at Park ACI Holdings. The announcement was made in a press release for Aurora’s upcoming virtual annual general meeting on November 12.