(Edmonton) The chief executive of Aurora Cannabis saw his annual compensation soar about 38% to $6.7 million in the company’s most recent fiscal year, during which the cannabis producer slashed costs and saw its stock plummet.

Financial records for the Edmonton-based company show Martin earned a base salary of about $590,500, about $3.8 million in stock-based awards and nearly $1.1 million in option-based awards.

In addition, he received approximately $815,000 in non-equity incentive plan compensation and $416,000 in other compensation.

By comparison, his compensation had reached more than $4.8 million in Aurora’s 2022 fiscal year and about $4.4 million in 2021.

The increase in Mr. Martin’s compensation came as Aurora’s share price fell 52% in fiscal 2023, which lasted only three quarters because the company changed the end date of its fiscal years.

The cannabis industry has struggled due to a lack of demand, tight regulations and a strong illicit market for much of the time Mr. Martin led Aurora. To adjust to this environment, Aurora has embarked on a transformation plan that has generated savings of at least $400 million over the past three years.