Aurora Cannabis Taps Theresa Firestone As Independent Director Expanding Board To Nine

Canadian cannabis giant Aurora Cannabis Inc. ACB ACB confirmed Monday it has appointed Theresa Firestone as a new independent director, expanding its board to nine members, seven of whom are independent.

Prior to joining Aurora’s board, Firestone held various senior healthcare executive positions in Canada, Europe and Asia, honing her professional acumen in various sectors including retail, healthcare, pharmaceutical and government. After graduating from the University of Guelph with a bachelor's degree in applied science, she completed the Executive Leadership Program at Harvard Business School.

Firestone held senior positions for 15 years at Pfizer Inc. (NYSE: PFE) and also worked in retail and health and wellness in various places including Shoppers Drug Mart where she was in charge of the design and launch of the company’s medical cannabis business. Having worked at the Ontario Ministry of Health, Firestone has more than two decades of board experience in both private and public companies.

"We are delighted to welcome Theresa to our Board of Directors,” Ronald Funk, chairman of Aurora Cannabis stated. “She brings us extensive expertise in healthcare management and pharmaceuticals, global business restructuring, new business development and a proven ability to lead and manage change. Her background and well-defined skillset will be invaluable to us as we execute our strategic growth plans while managing costs more effectively. We look forward to benefitting from her many contributions to Aurora."

Aurora’s Recent Milestones

The Edmonton, Alberta-based company recently reported it had delivered a CA$8 million ($6.77 million) cannabis shipment to Israel. This was considered to be one of the "largest single shipments of cannabis" received to date by the Middle Eastern country, notably advancing Aurora’s international medical cannabis operations. 

Also in July, Aurora confirmed it had taken a 19.9% stake in cannabis retailer Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) as part of Choom’s restructuring of $25.9 million in outstanding debt. Out of the total sum, Choom owned Aurora $21.8 million. In addition to the stake, Choom agreed to issue a new $6 million convertible debenture to Aurora, which will carry an annual interest rate of 7% and mature on December 23, 2024.

Price Action 

Aurora Cannabis’ shares were trading 0.28% lower at $7.06 per share during Monday’s pre-market session.  

Photo: Courtesy of Benjamin Brunner on Unsplash