Executive Shake-Up at Aphria

A shake-up at the top at Leamington-based marijuana grower Aphria.

In a news release issued Friday morning, the company says chief executive officer Vic Neufeld and co-founder Cole Cacciavillani will be leaving their executive roles at the company, but will remain on the board.

Neufeld says he and Cacciavillani will begin the transition process immediately, and at the appropriate time, they will both step down from executive positions at Aphria.

In late December, the company announced Neufeld would step aside as chairman of the board but stay on as CEO and a director of the company.

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(Photo courtesy of CTV News Windsor's Rich Garton)

 

The shake-up comes as the company faces allegations by short-sellers questioning the company's acquisitions in Colombia, Argentina and Jamaica. Aphria has denied the allegations, but established a special committee of independent directors to review the deals.

Aphria also received a hostile takeover offer late last year from Ohio-based Xanthic Biopharma Inc., which does business as Green Growth Brands, that it rejected as being too low.

The company reported today that revenue totalled $21.7 million in what was its second quarter as Canada's legal recreational market began. The total was up from $8.5 million a year ago.

Aphria also earned a profit of $54.8 million or 22 cents per share for its quarter ended November 30 compared with a profit of $6.5 million or five cents per share for the same period last year.