Article by Sam Riches, Growth Op
The latest report from the Canadian Centre for Policy Alternatives (CCPA), titled The Golden Cushion, lists Canada’s top-paid CEOs in 2019. On average, the top-100 CEOs made 202 times what the average Canadian worker earned.
According to the report, the top-earning cannabis CEO in 2019 was Aphria’s Irwin D. Simon, who received more than $18 million in total compensation. Simon was the seventh highest-earning CEO in the country.
Aphria posted a net loss of $16.5 million for the 2019 fiscal year, according to its 2019 fourth-quarter report.
The next highest-earning cannabis CEO for 2019 was Michael Gorenstein of Cronos Group Inc., who earned more than $15 million in total compensation. Gorenstein was the 14th highest-earning CEO in Canada, according to the report.
Cronos reported an operating loss of more than $120 million in fiscal 2019.
In September 2020, Kurt Schmidt was named president and CEO of Cronos, with Gorenstein, who had served as the company’s CEO since 2016, appointed executive chairman.
Bruce Linton was the third highest-earning cannabis CEO, posting $9.3 million in total compensation with Canopy Growth Corp. in 2019.
According to the CCPA report, both Canopy and Aphria received the Canada Emergency Wage Subsidy (CEWS) in 2020.
The final cannabis executive included in the report is Hexo Corp. CEO Sebastien St- Louis, whose total compensation amounted to $8.5 million in 2019. Hexo posted a net loss of $81.5 million for fiscal 2019.