Marijuana company hires billionaire snack food tycoon Nelson Peltz

15 March, 2019, 08:39 | Author: Regina Silva
  • Nelson Peltz

He was previously a director at the food companies H.J. Heinz and Mondelez International and was also chairman and CEO of Triarc Companies, which owned Arby's and Snapple, as well as other consumer and industrial businesses. (ACI) sent the latter's stock surging almost 16 percent Wednesday.

Aurora said it granted Peltz options to purchase 19.96 million common Aurora shares at a price of 10.34 Canadian dollars a share, or US$7.74 a share.

Nelson Peltz, seen here at the WSJD Live conference in Laguna Beach, Calif. on October 25, 2016, is joining Aurora Cannabis as a strategic adviser.

Shares in Aurora rose more than 11 per cent in early trading.

"In light of Peltz's past deals as an activist, we do not view the announcement as a step toward driving change to the existing business model (e.g., not a breakup story)", Cowen said. ACI is in talks with The Coca-Cola Company about developing and marketing cannabis-infused drinks. US tobacco companies have already invested there and big beverage companies are watching closely as the industry develops.

Peltz's experience jibes with ACI's needs.

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Aurora Cannabis' stock surged almost 14% Wednesday after the company said that Nelson Peltz, a billionaire activist investor and a founding partner of hedge-fund Trian Fund Management, would become a strategic investor and advisor at the company.

"I believe Aurora has a solid execution track record, is strongly differentiated from its peers, has achieved integration throughout the value chain and is poised to go to the next level", Peltz said in the statement. "I also believe that Canadian licensed producers, and Aurora in particular, are well positioned to lead in the development of the worldwide cannabis industry as regulations evolve, with a strong, globally replicable operating model".

Peltz is the CEO and a founding partner of Trian Fund Management.

The possibility cannabis-infused drinks will be sold in the open has triggered a surge of investments in Canadian companies, which are leading the booming cannabis industry.

His appointment comes weeks after rival Canopy Growth Corp appointed lifestyle guru Martha Stewart to help develop and launch a line of pot-based products. CGC is the largest producer of medical marijuana in North America.

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