Aurora Cannabis names Trian's Nelson Peltz as adviser, shares rise

Nelson Peltz

Aurora Cannabis Inc (TSE:ACB) shot up 13.1% during trading on Wednesday.

Cannabis stocks continued to grow Wednesday as U.S. markets surged into positive territory.

Peltz has been offered the option to buy about 20 million shares of Aurora at $10.34 a share. If he exercised the options, he would be the company's second-largest shareholder. "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".

The billionaire Nelson Peltz is getting into the cannabis business.

Peltz has an established track record of acquiring companies through Trian Fund Management-his investment management firm.

Peltz, who is worth $1.6 billion according to Forbes, is the CEO and a founding partner of Trian Fund Management.

But Peltz will also prove a valuable addition to Aurora for his deep knowledge of the consumer goods industry, where he's tended to focus his investments. Equities research analysts predict that Aurora Cannabis will post -0.17 earnings per share for the current fiscal year.

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Peltz boasts a solid record influencing large, diverse corporations, where he's led turnarounds or buyouts. The analyst almost tripled his price target on the company to CA$15 from CA$5.50. 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.

Aurora is based in Edmonton, Alberta and has operations in 24 countries across five continents. "Like us, Nelson also takes a long-term view of value creation to benefit all stakeholders".

"We look forward to working with Nelson to further extend our global cannabis industry leadership by aligning Aurora with each of the major market segments cannabis is set to impact".

TheStreet lowered shares of Aurora Cannabis (NYSE:ACB) from a c rating to a d+ rating in a research note issued to investors on Monday, February 25th. Cowen's Vivien Azerlaunched coverage last week, with a price target equal to $10.50. Aurora Cannabis plans to make a deep foray into the recreational consumer space in Canada and the USA since hemp is legal in the country.

While Coke didn't confirm or deny that it had been in talks with Aurora, the company said it was "closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages".

Aurora Cannabis stock was trading almost 11% higher in the pre-market session.

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