Aphria says review reveals conflict of interest of directors in acquisition

Aphria says review reveals conflict of interest of directors in acquisition

LEAMINGTON, Ont. — Cannabis producer Aphria Inc. says a review of its governance procedures revealed certain non-independent directors had conflicting interests in its acquisition of several Latin American companies.

The company said Friday that a separate review of the takeover of the companies in Jamaica, Argentina and Colombia found the purchase price for the deal to be within an acceptable range, and assets for all three companies were in place.

“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,” said the company’s independent board chairman Irwin Simon in a statement.

Aphria launched the reviews after short-sellers alleged in December that the acquisitions totalling $280-million were “largely worthless” and the purchase price “vastly inflated” to benefit insiders.

The company said it will adopt best practices to manage conflicts of interests, after it found some directors had not fully disclosed their conflicts to the board, as part of several recommendations put forth by the review committee.

The board will also be fully composed of independent directors once the company appoints a permanent CEO, the company said.

Just Posted

UPDATED: Economy and health care expected to be hot election topics

Premier Rachel Notley makes announcement on Tuesday morning

Cruel and sadistic: Central Alberta dog rescuers believe there are dog fighting rings in province

With the increased number of stolen dogs, some central Alberta rescuers are… Continue reading

Red Deer hospital expansion recognized in throne speech

Society for Hospital Expansion in Central Alberta calls for more details

Mixed Nuts revue presented Saturday to kick off first Carole Forhan Theatrical Scholarship

Broadway songs, comedy skits are part of the Red Deer Players production

Opinion: Let’s be heard ‘loud and clear’ during provincial election campaign

By David Marsden During the banquet for Sunday’s Boston Bruins alumni game,… Continue reading

Documentary on Colten Boushie case to open Toronto’s Hot Docs festival

TORONTO — A film examining the case of a young Indigenous man… Continue reading

Want to help bees? Plant flowering herbs

Herbs are among the most useful plants in nature. They can tantalize… Continue reading

UN: Gene editing for human reproduction is ‘irresponsible’

GENEVA — A panel convened by the World Health Organization said it… Continue reading

Photos: Three moose spotted in Red Deer Tuesday

Three moose were spotted in Red Deer Tuesday morning. Red Deer resident… Continue reading

Andreescu rockets to No. 24 in WTA Tour rankings after Indian Wells title

Canada’s Bianca Andreescu has rocketed to No. 24 in the WTA Tour… Continue reading

Canadian figure skaters looking to reach new heights at world championships

Nam Nguyen, Alaine Chartrand and Kirsten Moore-Towers and Michael Marinaro all have… Continue reading

Man linked to largest art heist in history freed from prison

HARTFORD, Conn. — A reputed Connecticut mobster who federal authorities believe is… Continue reading

Most Read