Money: CEO of Canadian pot producer Aphria to step down: report - PressFrom - Canada
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MoneyCEO of Canadian pot producer Aphria to step down: report

08:07  11 january  2019
08:07  11 january  2019 Source:   marketwatch.com

Hostile bid for pot producer Aphria comes from billionaire Ohio family’s new U.S. company

Hostile bid for pot producer Aphria comes from billionaire Ohio family’s new U.S. company A newly formed U.S. cannabis operation — backed by a storied Ohio family that has built a fortune in the retail business — is making a hostile bid for a Canadian pot company with which it has done business in the past. Backed by the wealthy and powerful Schottenstein family, U.S. marijuana producer Green Growth Brands Ltd. (GGBXF) said late Thursday it is making a takeover bid for Aphria Inc., one of Canada’s largest cannabis producers by market value. Aphria’s U.S. listed stock (APHA) soared 26% in after-hours trading Thursday after closing down 4.3% at $5.57 during the regular session.

Aphria , Inc is a Canadian cannabis company. It is listed on the Toronto Stock Exchange and the New York Stock Exchange, and has a market capitalization of billion (as of January 2018)

Both Aphria and Aurora have a lot to gain from trading on the biggest stock exchange in the world. This low-cost marijuana producer is the latest pot stock to file to list its shares on the New Yo Aphria CEO Vic Neufeld isn't painting a sunny picture for the opening of the Canadian recreationa

CEO of Canadian pot producer Aphria to step down: report© REUTERS/Chris Helgren

Aphria Inc. [s apha] (ca:apha) Chief Executive Vic Neufeld will step down from the Canadian marijuana producer, Canada's Globe and Mail reported late Thursday night. An official announcement is expected Friday, the Globe and Mail said, and Neufeld is expected to stay on until a replacement is found. The newspaper said the company will seek "a prominent executive with global know-how" to fill Neufeld's position.

The company is also scheduled to release quarterly results Friday. In early December, Aphria shares plummeted after its business was attacked by a short-seller, and a company backed by a billionaire Ohio family launched a hostile takeover bid in late December, though that effort has a number of red flags. Aphria is one of Canada's largest producers of marijuana, with a market cap of about $2.64 billion.

Aphria shareholders await competing bids or sweetened Green Growth offer.
Two Aphria Inc. shareholders said they won’t tender to an unsolicited takeover bid from Green Growth Brands Inc. yet, betting on a competing bid or a sweetened offer for the pot producer. “We’re treating this as a wait-and-see situation,” said Greg Eckel, portfolio manager at Canadian General Investments Ltd., Aphria’s 10th-largest holder with 675,000 shares. “Does someone else come in and figure there’s an opportunity here for them? That might be more practical and also might offer good management skills and potential synergies.” Green Growth is offering 1.

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