Terry Booth, ex-CEO of Aurora, sells 12 million shares

The former executive director and co-founder of Aurora Cannabis Inc., Terry Booth, has sold more than two-thirds of his stake in the Canadian cannabis producer, Aurora announced in a press release earlier this week.

Terry Booth reduced his stake in Aurora by 68% in a series of transactions carried out between March 11 and 16 through an investment vehicle that netted him about US$13,6 million, according to internal security documents. In total, according to the records, 12,1 million shares of Aurora, which is based in Edmonton, were sold.

Booth stepped down as CEO last February, after seven years in the highest position, having been replaced by the company's executive chairman, Michael Singer, on a provisional basis. Booth remains on the company's board in a strategic consulting role.

“The market volatility around COVID-19 and various opportunities in the sector prompted me to do so,” Booth said in an emailed statement to BNN Bloomberg. “I believe that many listed cannabis companies, including Aurora, are undervalued and I will look at current market conditions. I will definitely think about buying it back once the dust settles.”

Booth also owns about 6,16 million shares and options in Aurora, either directly or through his investment firm, according to internal security documents. In a statement, Aurora spokeswoman Michelle Lefler said the company anticipated the sale of Booth's shares, although it came earlier than expected. “Aurora is maturing, transitioning from founders to other management members and to a larger independent board,” Lefler said in an email. “Our board and management are deeply focused on delivering on the strategic plan established in February and, of course, on the current and most critical needs of our business, our patients, consumers and employees,” she concluded.

Aurora shares on the Toronto Stock Exchange are down 91% last year.

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