Aurora Cannabis cuts 500 jobs opposite company, CEO stairs down

Aurora Cannabis is laying off some 500 workers and replacing CEO Terry Booth, who has stepped down, a association pronounced Thursday. 

The Edmonton-based cannabis hulk pronounced in a matter it has separated tighten to 500 full-time homogeneous staff opposite a operations. It also pronounced the board of directors will enhance as partial of a restructuring. 

“While there is still most work to be done, a timing is right to announce my retirement with a courteous period devise in place,” Booth pronounced in a statement.

Executive authority Michael Singer has been named hindrance CEO by a board.

It was not immediately transparent that positions would be influenced by a layoffs. Aurora operates in 25 countries in areas including cannabis research, production, indiscriminate and retail. 

“These changes … should clearly denote to investors that Aurora has a continuity, vital instruction and care it needs to transition from a entrepreneurial roots to an determined organization,” Booth said. 

A year ago, a cannabis zone was sepulchral and batch prices were skyrocketing.

But most has altered and some analysts now forecast many bankruptcies by a finish of a year. There are now about 200 cannabis companies in a Canadian market, with annual sales totalling around $1 billion.

In December, dual of them, AgMedica and Wayland, were postulated creditor protection.

Aurora pronounced it intends to revoke spending for a second half of a 2020 mercantile year to move collateral expenditures below $100 million.

In November, Aurora announced it would hindrance construction of dual prolongation comforts to save some-more than $190 million as partial of a devise to strengthen a change sheet.

Shelving a Aurora Nordic 2 trickery in Denmark was approaching to save about $80 million. The association pronounced it would indefinitely defer execution of construction and commissioning during a trickery in Medicine Hat, Alta., to save another $110 million.

The company’s shares sealed during $2.67, down 15 cents, on a Toronto Stock Exchange on Thursday. The 52-week high for Aurora shares was $13.67.

Article source: https://www.cbc.ca/news/canada/edmonton/aurora-cannabis-layoffs-1.5455005?cmp=rss