Aurora Cannabis Inc.'s chief executive saw his annual compensation climb about 38 per cent to $6.7 million in the company's latest fiscal year as its stock dramatically fell and it aggressively cut costs.
Financial filings from the Edmonton-based cannabis company show Miguel Martin earned a base salary of about $590,500 and about $3.8 million in share-based options and almost $1.1 million in option-based awards.
In comparison, he made more than $4.8 million in compensation in Aurora's 2022 fiscal year and about $4.4 million in 2021. The cannabis industry has been hampered by a lack of demand, strict regulations and the strength of the illicit market for much of Martin's time as chief executive. To cope, Aurora embarked on a transformation plan that delivered at least $400 million in savings over the last three years.
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