Canadian Cannabis Company Aphria Debuts On NYSE, Promotes Riphstein To PresidentNovember 5, 2018
Leamington, Ontario-based cannabis producer Aphria has made its debut on the New York Stock Exchange and promoted former Diageo North America executive Jakob Ripshtein to president.
Ripshtein was CFO of Diageo North America prior to joining Aphria as chief commercial officer in May. In his new role as president, Riphstein will continue to report to Aphria CEO Vic Neufeld. In announcing the move, Neufeld said Ripshtein “has played a critical role in the company’s strategic planning in commercial business, sales, and marketing.” Neufeld added, “Further, his experience in the United States will greatly assist the Aphria team as we continue to evaluate various opportunities.”
Meanwhile, Aphria opened for trading on the New York Stock Exchange on Friday, and is currently priced around $12 a share. It joins rivals like Canopy Growth ($37.14 a share) and Aurora Cannabis ($9.20) on the NYSE, while Cronos ($8.06) and Tilray ($99.49) are Nasdaq-listed.
Last month, Canada’s Globe and Mail reported that Ste. Michelle Wine Estates parent Altria was in talks to acquire a stake in Aphria. In the three months through August, representing its fiscal first quarter, the company’s revenues doubled to C$13.3 million ($10.2m). Aphria’s cannabis brands include Solei, Broken Coast, Riff, Good Supply, and Goodfields, and are each targeted to different consumer demographics, from novices to experienced users.—Daniel Marsteller