One of the highest-paid weed CEOs has a golden rule of thumb: "Don't forget your roots"

Irwin Simon has had his job described in many colourful ways.

When he founded Hain Celestial Group, an organic and natural products company in 1993 that he grew into a $3 billion business, people called him “some crazy tree-hugger.” Last year, when he was appointed chairman of Aphria, his kids came across another: “Drug dealer.”

What he really does is identify opportunities and pursue them, whether that’s moving to New York to work in sales and marketing with ice cream-maker Häagen-Dazs or Slim-Fast, the weight-loss food company, or starting an organic food company. He got fired from Slim-Fast, but that also turned out to be “the best thing that ever happened to me.”

“I have five siblings, and we lived in a two-bedroom house in Nova Scotia,” he says. “I had to work every day. I didn’t go to private schools… you never forget where you came from. That’s made me the person I am today.”

Today, Simon is the man at the helm of Aphria, the third-largest cannabis producer in Canada. That’s a remarkable comeback for a company that one year ago was on the verge of crumbling.

A series of short-seller reports, inflated foreign assets and self-dealing involving the then-CEO and founder of the company, Vic Neufield, led the company stock to fall as much as 60 per cent. This was followed by a hostile takeover bid by U.S.-based cannabis retailer, Green Growth Brands Inc.

That’s when the 60-something Simon was called in to steady the ship.

“Everyone was focused on international expansion, and I am not sure if the money was being spent wisely,” says Simon. The focus, as he also took on the role of interim CEO in March, was on solidifying the company’s foundations.

“We were kind of all over the place. We have a great team, we just needed to focus on the roots,” he says.

The roots of Aphria are in Leamington, Ontario. “When I got here there were a lot of silos, there were a lot of issues in growing, and we didn’t have a license for the Aphria Diamond facility (the company’s second facility in Leamington),” he says.

By refocusing the company on its core business of growing cannabis, Simon’s efforts paid off. Reporting positive earnings, the company is now back on track. In November, the company picked up a combined total of seven awards — for its brands Aphria, Solei, RIFF, Good Supply, and Broken Coast — at the 2019 Canadian Cannabis Awards, including Top Master Grower and Innovation of the Year.

“When Aphria went through some challenges, many suggested that we change our name. But then Tylenol never changed its name when it went through its issues… Basically, you’ve got to build out your name, and build awareness to it.”

Simon is confident the black cloud has lifted and Aphria “is in a good spot today.” And he is being handsomely rewarded for his efforts — his total compensation this year derived from the stock options granted by the company, according to a management circular, is just under $9.6 million, making him one of the top-paid executives in the industry.

And he hasn’t forgotten where he came from. Though living in Ontario, Simon is actively involved in his local Cape Breton community in Nova Scotia. He is the majority owner of the Cape Breton Screaming Eagles, a Quebec Major Junior Hockey League team and co-owner of St. John’s Edge of the National Basketball League of Canada. The company recently hosted a benefit for the Cape Breton Hospital Foundation’s Cancer Care Centre.

“Personally, I am big on where I came from… my roots,” he says.

Growing up in a small town of Glace Bay, Cape Breton, Simon’s days included playing hockey, going to school, and learning about business at his dad’s convenience store during the night. “I tried to do a little homework in between, but not a lot.”

From his dad, he says he learned two crucial business lessons: to treat people nicely; and, “that he was a terrible businessman, and how not to be a businessman like him. From there, I learned to take risks, and to have a big vision,” he says.

That lesson came in handy when he was unemployed in New York. “That phase taught me that I really am an entrepreneur,” he says. “I’ll never forget, I went on an interview for a marketing job in Mississauga.

“I had a really good interview, but then I walked out and ran into the men’s room and threw up. I knew then that if I have to go back and work for someone, it’s going to be really miserable for me.”

He adds: “It gave me even more drive, to go out there and do my own thing.”

“The best thing that ever happened to me was getting fired. It forces you to rise to the top of your game and say, ‘this is what I want to do.’”

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