Cannabis CEOs, led by Aphria’s Irwin Simon, are among Canada’s top-paid execs despite losses
Published 3 seconds ago | By Matt Lamers
(Photo courtesy of Aphria)
A number of executives in the cannabis industry are among the highest-compensated CEOs in Canada, according to a new analysis of 2019 pay by the Ottawa think tank Centre for Policy Alternatives.
Executive compensation in the marijuana industry has attracted scrutiny of late as some of the largest producers have lost billions of dollars and shed thousands of jobs.
The Centre for Policy Alternatives’ report, “The Golden Cushion: CEO compensation in Canada,” by senior economist David Macdonald analyzed Canada’s 100 highest-compensated CEOs across all industries for 2019.
Macdonald found the ratio of average CEO compensation to average worker compensation in 2019 was 202-to-1.
Aphria CEO Irwin Simon’s total compensation of 18.4 million Canadian dollars ($14.2 million) in 2019 made him the highest-paid cannabis executive in Canada that year, according to Macdonald’s list. Overall, Simon was the seventh-highest-paid executive.
Share-based awards (CA$12 million) accounted for most of the compensation, followed by nonequity incentives (CA$3.9 million) and salary (CA$2.6 million).
It is the second year in a row Simon has appeared on the top-100 list. His 2018 compensation amounted to CA$9.5 million.
Aphria, based in Leamington, Ontario, didn’t respond to a request for comment from Marijuana Business Daily.
Other cannabis industry executives on the 2019 list include:
Michael Gorenstein, former CEO of Toronto-based Cronos Group (CA$15 million).