Canadian cannabis giant Tilray Inc.’s TLRY TLRY CEO Irwin Simon has received nearly $30 million in total compensation so far in calendar 2021, with nearly half of that sum paid in cash, according to a recently disclosed regulatory filing.
The compensation paid to the CEO includes cash bonuses totaling $13.2 million, in addition to a salary raise and millions he received in share-based awards, Marijuana Business Daily writes.
In fiscal 2021 Simon’s total compensation amounted to $13.7 million. However, that sum does not include the one-time equity grants Simon was awarded after the fiscal year ended. According to the proxy, Simon received $15 million as an additional incentive to entering into the employment agreement.
Headquartered in Leamington, Ontario and New York, Tilray said that the CEO’s salary “may be increased but not decreased” as part of an annual performance review by the Compensation Committee, according to filings.
In addition, Tilray revealed that the company’s median employee compensation was $15,061 for the five months ending May 31.
Simon, who previously led Aphria, helped process the merger with rival cannabis producer Tilray. The deal to create a company with a combined market cap of $3.3 billion was completed earlier this year.
According to the company’s fourth-quarter earnings report released at the end of July, the quarterly revenue increase by 25% to $142.2 million from $113.5 million in the prior-year quarter. The financial results include a full quarter of the old Aphria (through May) and one month of the old Tilray.
Cantor Fitzgerald analyst Pablo Zuanic recently lowered the 12-month price target to US$18 from US$19 on lower sales estimates while keeping an “Overweight” rating on the company stock in anticipation of the company’s first-quarter 2022 earnings report scheduled for the release on Thursday, October 7.
Price Action
Tilray’s shares traded 1.68% lower at $10.92 per share at the time of writing, Tuesday morning.
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