Meet the men marijuana made into millionaires and billionaires | Fin24
 
  • Mboweni on State Capture

    The new finance minister has described state capture as a 'great public sector heist'

  • Kganyago on Populism

    The central bank head says SA must learn economic lessons from Venezuela and Zimbabwe.

  • Up in the Air

    Uber Air could see SA shoppers flying to malls via skyports, says a company executive.

Loading...

Meet the men marijuana made into millionaires and billionaires

Sep 20 2018 07:28
Reade Pickert and Jen Skerritt, Bloomberg

Pot is starting to pay off.

A surge in the share prices of cannabis companies have made millionaires, and even billionaires, out of investors. The pot-stock boom is expanding across the industry, with the most extreme example, Tilray Inc, seeing its shares catapult about 13-fold in the months since its July initial public offering.

Now these marijuana men are worth millions - or at least on paper. Given the volatility of stocks in the sector, their fortunes may be fleeting.

Brendan Kennedy, Michael Blue and Christian Groh, Tilray Inc

Valuation of stake: $7.2bn, about $2.4bn each assuming equal stakes at market close.

Background: Brendan Kennedy, 46, and his partners Michael Blue and Christian Groh, whose ages couldn’t immediately be confirmed, founded Seattle-based Privateer Holdings Inc in May 2010. The firm later invested in Canadian pot firm Tilray. The three have known one another for years. Kennedy and Blue are graduates of Yale School of Management’s MBA programme. Kennedy and Groh had worked together at SVB Analytics, an affiliate of Silicon Valley Bank.

Bruce Linton, Canopy Growth Corporation

Age: 52

Valuation of stake: C$184.9m ($142.6m)

Background: Bruce Linton is the CEO of Canopy Growth, one of the world’s largest pot companies, based out of a former Hershey’s chocolate factory in the sleepy town of Smith Falls, Ontario. The high-energy executive grew up on a small hobby farm in southern Ontario where he had a pet goat.

Terry Booth, Aurora Cannabis Inc

Age: 54

Valuation of stake: C$123.3m ($95.1m)

Background: Terry Booth, CEO of Aurora Cannabis, used to deal marijuana in high school, peddling quarter-ounce bags for C$25 to his friends. Earlier this year his company orchestrated the largest takeover in the industry when it agreed to buy CanniMed Therapeutics in a C$1.23bn deal.

John Cervini, Aphria Inc

Age: 47

Valuation of stake: C$186.7m ($144m)

Background: John Cervini co-founded Leamington, Ontario-based Aphria after he left his family’s greenhouse business that sold tomatoes and peppers. He and friend Cole Cacciavillani started looking into marijuana as a possible crop, though neither had experience growing the plant. Aphria was among the first publicly traded marijuana growers.

Some other notable winners:

Victor Neufeld, CEO of Aphria, C$37.1m ($28.6m); Jason Adler, independent director of Cronos Group Inc, C$115.9m ($89.4m); Michael Gorenstein, CEO of Cronos Group, C$28.3m ($21.8m.

Unless otherwise stated, valuations are based on Canadian share prices at market close.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

agribusiness  |  marijuana  |  dagga
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2018

All eyes are on Tito Mboweni as he readies to deliver his maiden mini budget speech amid an ailing economy and eroded confidence.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

MiniBudget2018:

Previous results · Suggest a vote

Loading...