Aphria released further details on the Latin America operations. The details on the release did not portray businesses worth anything close to the amount paid and played into Quintessential Capital Management arguments. No financials or even pictures were provided by Aphria. Details on the nearly 100 employees remain cloudy and at this point it would appear that Vic Neufeld will need to step down.
Monthly Archives: December 2018
2 posts
Long/Short equity fund Quintessential Capital issued a scathing report this morning, focused on Aphria’s international business. The three early takeaways for us are: 1) CEO Vic Neufield will likely be forced to resign or have his role at Aphria reduced. 2) International operations are essentially worth zero. This was our prior position. 3) Our prior concerns earlier this year about delays with Health Canada approvals appear to have been legitimate. Recall we raised the issue of Phase 3 expansion approvals taking longer than expected (March 12, 2018 rather than January 2018). Raising this concern with Aphria, the issue was quickly dismissed by the company as a non-issue. This report, however, […]