Aurora Cannabis CEO Takes on Executive Chairman Role

EDMONTON, Alberta, Sept. 20, 2024 – PRESS RELEASE – Aurora Cannabis Inc., a leading Canada-based global medical cannabis company, announced the appointments of CEO Miguel Martin to the additional role of executive chairman and outgoing Chairman Ron Funk as lead independent director. Both appointments follow unanimous votes by Aurora's board and are effective immediately.

Martin has served as CEO and a director of the company since September 2020 and will continue to serve as CEO. During this time, Martin has driven significant change within the organization, including the company’s financial recovery and successful business transformation, all while leading with focus and integrity and in the best interests of Aurora’s shareholders. As a result, Aurora has been able to weather many of the challenges that most in the cannabis industry have and continue to face.

Having worked closely with and under the mentorship of Funk, who served as chairman of the board of directors since 2021, the two are aptly positioned to continue effectively cultivating strong and unified board leadership and governance as the company enters its next stage of meaningful global growth.

The board believes that combining the CEO and chairman roles will promote strong and consistent leadership, directional clarity, and effective and efficient decision-making—all of which better position Aurora to execute its vision for global leadership.

"I am excited to take on this expanded role and equally thrilled that we will have the ongoing benefit of Ron's extensive business experience, deep institutional knowledge and meticulous board leadership and governance expertise as lead independent director," Martin said.

"It has been a pleasure both serving as Aurora's chairman of the board and working so closely with Miguel since he was appointed as CEO,” Funk said. “I have no doubt that he will continue to effectively lead and drive success in this expanded role for the benefit of our shareholders, and I look forward to our ongoing collaboration in my role as lead independent director. Aurora's board and leadership team has evolved greatly over the past few years, enabled by thoughtful and strategic succession planning and all with a focus on what is right for the company and our shareholders. The future for Aurora is bright, and I am honored to remain part of the company's journey."

In his expanded role as executive chairman, Martin will lead in setting the board agenda, drawing on his insight and understanding of Aurora's business and operations to identify strategic opportunities and risk mitigation approaches for the board's consideration.

As lead independent director, Funk will continue to be focused on ensuring that the board functions effectively and independently of the management of the company and on continuing to provide independent leadership to the board.

The company is also pleased to announce changes to its board committee compositions.

• Michael Singer, who previously acted as executive chairman and interim CEO, is again considered independent within the meaning of National Instrument 52-110 – Audit Committees, as over three years have elapsed since he resigned from the executive chairman position in May 2021. As a result, Singer has been appointed to the Audit Committee and the Human Resource and Compensation Committee (HRCC), bringing invaluable expertise to both committees. Both Singer and Audit Committee Chair Chitwant Kohli are considered "audit committee financial experts" under the rules of the SEC.
• Rajesh Uttamchandani has been appointed to the HRCC and the Nominating & Corporate Governance Committee, bringing his experience in human capital, strategy, governance and innovation, which will undoubtedly complement the existing strength of those committees.