Canadian medical cannabis giant Aurora Cannabis Inc. ACB ACB announced on Friday the appointments of CEO Miguel Martin to the additional role of executive chairman and outgoing chairman Ron Funk as lead independent director.

Both are backed by unanimous votes by the company's board of director and are effective immediately.

Martin has led Aurora as CEO and a director since 2020, driving the company’s financial recovery and successful business transformation.

Why It Matters: The board said combining the CEO and chairman roles will "promote strong and consistent leadership, directional clarity, and effective and efficient decision making — all of which better position Aurora to execute on its vision for global leadership."

“I am excited to take on this expanded role and equally thrilled that we will have the ongoing benefit of Ron’s extensive business experience, deep institutional knowledge and meticulous Board leadership and governance expertise as Lead Independent Director,” Martin said.

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Read Also: Aurora Cannabis Dominates 30% Of Canada’s Medical Marijuana Exports: Will Its Bold International Expansion Pay Off?

What's Next: Martin's expanded role allows him to lead in setting the board agenda. As lead independent director, Funk will continue to focus on ensuring the board functions effectively and independently of the company’s management.

Changes To Board Committee Compositions And Recent Moves

Michael Singer, who previously acted as executive chairman and interim CEO, was appointed to the Audit Committee and the Human Resource and Compensation Committee. Rajesh Uttamchandani was appointed to the HRCC and the Nominating and Corporate Governance Committee.

In the meantime, the company was working on innovating its operations via research in auto-flowering technology. Aurora received a U.S. Patent 12,002,546, "Methods of Determining Sensitivity to Photoperiod in Cannabis," allowing for its breeding program to identify and select for the auto-flowering trait.

The company said on Tuesday the innovative work provides foundational insight into the flowering mechanism in cannabis. The research would support future breeding strategies. It also could be utilized to advance outdoor cannabis cultivation in high-latitude regions, such as Canada.

ACG Price Action: Aurora's shares traded 0.87% lower at $5.72 per share Friday morning at publication.

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