Aphria chief executive and co-founder stepping aside from executive roles

Marijuana producer Aphria Inc. announced Friday that chief executive Vic Neufeld and cofounder Cole Cacciavillani will be leaving their executive roles at the company, but will remain on the board.

“Thanks to their vision, energy and passion, Aphria has become a global player in an industry that didn’t even exist five years ago,” Aphria chairman Irwin Simon said in statement. “I look forward to working with them to further build Aphria’s leadership team and continue driving long-term value for our patients, customers and employees into the future.”

Neufeld said he and Cacciavillani will begin the transition process immediately and step down from their executive positions “at the appropriate time.” Aphria faced allegations in December by short-sellers questioning the company’s acquisitions in Colombia, Argentina and Jamaica. Shares in the company plunged in the wake of the report by Quintessential Capital Management and Hindenburg Research.

The company has denied the report, but established a special committee of independent directors to review the deals.

Aphria also received a hostile takeover offer late last year from Ohio-based Xanthic Biopharma Inc., which does business as Green Growth Brands, that it rejected as being too low.