Billionaire Nelson Peltz is getting into the cannabis business
- The billionaire Nelson Peltz is joining Aurora Cannabis as a strategic adviser.
- Peltz is the CEO and a founding partner of Trian Fund Management.
- He has served as the CEO and chairman of Triarc Companies, which owned Arby's and Snapple, and has been on several company boards.
- Aurora Cannabis shares were up 8.5% following the announcement.
- Watch Aurora Cannabis trade live.
The billionaire Nelson Peltz is getting into the cannabis business.
Peltz, who is worth $1.6 billion according to Forbes, is the CEO and a founding partner of Trian Fund Management, will join Aurora Cannabis as a strategic adviser, working with the company to "explore potential partnerships that would be the optimal strategic fit for successful entry into each of Aurora's contemplated market segments" and help with the company's global expansion strategy, according to the press release."Nelson is a globally recognized business visionary with a strong track record of constructive engagement to generate accelerated, profitable growth and shareholder value across many industry verticals that are of great interest to us," Aurora CEO Terry Booth said.
Peltz is currently the non-executive chairman of Wendy's and also serves on the boards of Procter & Gamble, Sysco, and Madison Square Garden. He was previously a director at the food companies HJ 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.
Peltz isn't the first big name to enter the cannabis space as an adviser. Last month, Martha Stewart joined Canopy Growth to help develop and position a new line of products, exploring CBD and other cannabinoids' uses for both humans and animals.
Aurora Cannabis shares were up 8.5% early Wednesday. They had gained 60% this year through Tuesday.