Tilray CEO rakes in the cashThe Globe and Mail reports in its Tuesday edition that despite stagnant revenue, layoffs, facility closings and big losses, the top executives of some of the largest cannabis companies in Canada were awarded millions in bonuses and performance stock grants on top of their sizable salaries. The Globe's Vanmala Subramaniam and David Milstead write that pay decisions at Tilray and others show the companies are rewarding executives for minimizing cash losses and simply surviving in the weed industry. Tilray chief executive officer Irwin Simon, who had been serving as CEO of Aphria, received a cash bonus of $10-million (U.S.) for agreeing to become CEO of the combined company when the two merged at the end of April this year. Mr. Simon also received a performance bonus of $3.19-million (U.S.) for the fiscal year ended May 31, on top of a base salary of $1.7-million (U.S.). Mr. Simon made $13.68-million (U.S.) in the first five months of 2021, the period Tilray used to disclose Mr. Simon's compensation. Mr. Simon made $18.63-million (Canadian) at Aphria in the year ended May 31, 2020, including $10.9-million (Canadian) in cash and stock awarded when he moved from the executive chairman's role to the CEO job in January, 2020.
Let's hope he delivers.