Shares in Aurora Cannabis Inc. continued to fall on Tuesday as the company confirmed that it asked key executive Cam Battley late last week to step down as chief corporate officer.
The Edmonton-based pot provider’s shares were down 5.6 per cent or 15 cents to $2.50 on the Toronto Stock Exchange early Tuesday.
On Monday, they fell almost 10 per cent as the market absorbed news released late Saturday that Battley, who has often been the public face of the company for investors, would immediately step down.
The Saturday release didn’t say why Battley was leaving but an emailed statement on Tuesday said Battley was asked last Friday to “step away” from his role as part of the evolution of the company’s leadership strategy.
In the earlier release, Aurora CEO Terry Booth wished Battley well in Australia — the release noted Australian authorities had approved his appointment as a director for MedReleaf Australia, a private medical cannabis company in which Aurora has a 10 per cent stake as well as 50 per cent voting rights.
Analysts have blamed recent steep declines in cannabis company shares on falling recreational sales in Canada due to high inventory levels, noting the market hasn’t grown as much as expected since recreational pot became legal in 2018.
“As a leader in the expanding global cannabis sector, Aurora continues to evolve the company to address the conditions of the industry and the company’s leadership ambitions in Canada and the U.S.,” said the email supplied by Jon Filson, senior manager of corporate communications.
“This includes changes to the leadership of the company with the departure of chief corporate officer, Cam Battley, who was asked to step away from his role on Dec. 20, 2019.”