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Aphria Inc. APHA

Aphria, which is headquartered in Ontario, produces and sells medicinal and recreational cannabis. The company operates through retail and wholesale channels in Canada and internationally. Aphria is a main distributor of medical cannabis to Germany and has operations in over 10 countries outside of Canada. However, it does not have exposure to the U.S. CBD or THC markets due to the constraints of federal prohibition. It has some U.S. exposure through the acquisition of SweetWater, a craft brewer


NDAQ:APHA - Post by User

Bullboard Posts
Post by Mt69sinaion Feb 15, 2019 8:27am
117 Views
Post# 29369306

UPDATE ON APHRIA CONCLUSION OF SPECIAL COMMITTEE REVIEW;

UPDATE ON APHRIA CONCLUSION OF SPECIAL COMMITTEE REVIEW;

UPDATE ON APHRIA CONCLUSION OF SPECIAL COMMITTEE REVIEW; EXECUTIVE TRANSITION UPDATE

LESS THAN 1 MINUTE AGO BY 

08:12 AM EST, 02/15/2019 (MT Newswires) -- As previously press released on January 11, 2019, Vic Neufeld and Cole Cacciavillani have completed a responsible transition plan and effective March 1, 2019 will be retiring from the company (including in their capacity as directors). According to Friday's statement, Neufeld and Cacciavillani will "to apply their knowledge and expertise" as special advisors to both the Chair and Jakob Ripshtein, President.

Irwin D. Simon, Aphria's independent Board Chair, will be the interim Chief Executive Officer, working closely with Ripshtein, until the Board identifies a permanent CEO. In addition, John Cervini will step down as a director of the company effective as of March 1, 2019. Cervini will remain in a non-executive operational capacity within Aphria. The Nomination Committee is undertaking a process to identify suitable candidates to fill these vacancies on the Board, the company added.

On Board Conclusions, Irwin said: "The constructive conclusion to this long process has strengthened the company. Though I was not part of Aphria at the time of the LATAM acquisition, the Special Committee's findings give me and the Board full confidence that it was executed at an acceptable value and is consistent with the company's international growth strategy." 

Added Simon, "With this behind us, we are committed to fully focus on our bright future and creating value for all Aphria shareholders. Aphria is committed to the highest levels of governance and transparency, with a Board that, upon the appointment of a permanent CEO, will be fully composed of independent directors, from a majority previously. I'm optimistic that the Special Committee's further recommendations for improving our corporate governance will serve us well in the future." 

In addition, as part of its review of the company's operations, the Board affirmed that based on the most recent Health Canada inspection, Aphria's Leamington facility and operations are in compliance with the requirements of the Cannabis Act and the cannabis products cultivated from this facility are produced in accordance with stringent quality assurance and quality control going beyond 'Good Product Practices.' 

Price: 12.05, Change: -0.10, Percent Change: -0.82

glta

$inai


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