Aphria’s Chief Executive Officer Vic Neufeld will step down from the top job when a replacement for his role can be found. The company's Co-Founder Cole Cacciavillani will also step aside from his current role once he can be replaced. Both will remain on the board of directors. The cannabis grower has been under pressure since a short-seller criticized the company for overpaying for its Latin American assets. Aphria has disputed the short-seller report and created an independent committee to look into those accusations. The company also reported a revenue miss in its second-quarter earnings report Friday.
AUTOWORKERS TO RALLY DURING GM INVESTOR MEETING
Autoworkers from across Ontario are set to gather in Windsor, Ont. later this morning to protest General Motors' decision to close its assembly plant in Oshawa. Unifor is expecting more than 1,000 people to attend the rally. The demonstration is happening across the river from GM headquarters in Detroit and coincides with the company’s investor meeting.
SHELL SHOPPING AROUND SARNIA REFINERY, ASSETS IN ALBERTA
Royal Dutch Shell is the second energy firm this week looking to offload some of its Canadian assets. The company says it is looking for buyers for its refinery in Sarnia, Ont. and some of its assets in Alberta so it can better focus on its $40B LNG project in British Columbia. Earlier this, week Husky Energy said it is weighing the sale of its B.C. refinery as well as its Canadian gas stations and commercial fuel business.
OTHER NOTABLE STORIES
-North American markets extended their rally into a fifth straight day on Thursday after U.S. Federal Reserve Chairman Jerome Powell said the central bank could be patient and flexible before raising interest rates again
-Corus Entertainment will be a stock to watch after the company missed Q1 profit expectations
-Report citing cabinet ministers says Brexit to be delayed beyond March 29
-The partial U.S. government shutdown has reached its 21st day (will become the longest in modern U.S. history on Saturday if not resolved)
-Former Nissan Chairman Carlos Ghosn faces new charges by Tokyo prosecutors, he is now eligible for bail
-Notable earnings: Aphria, Corus Entertainment
-Notable data: U.S. CPI
-Alcohol and Gaming Commission of Ontario holds lottery for cannabis retail store licences (results to be released within 24 hours)
-11:00 a.m. ET: Autoworkers set to rally in Windsor across from GM's Detroit headquarters to oppose the closing of the Oshawa, Ont. plant
Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by Senior Producer Alicia Harvey. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.