09:41:33 EDT Fri 29 Mar 2024
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Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,089,513,408
Close 2020-01-06 C$ 2.46
Market Cap C$ 2,680,202,984
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Post says Aurora puts Exeter greenhouse up for sale

2020-01-07 09:53 ET - In the News

The Financial Post reports in its Tuesday edition that Aurora Cannabis has put one of its largest greenhouses -- located in Exeter, Ont. -- up for sale for $17-million. The Post's Vanmala Subramaniam writes that the company is taking steps to reduce its expenses and boost its cash balance after a series of weak quarters that have sparked jitters amongst investors. "We have concluded that this non- operational greenhouse would require retrofit and significant capital investment in order to meet Aurora's production standards," Aurora said a statement Monday. Last November, Aurora announced it would be halting construction on Aurora Sun -- which was to become its flagship facility in Medicine Hat, Alta. -- and a massive greenhouse site in Odense, Denmark. Exeter would be the third tangible asset Aurora has decided to either offload or put on hold. Aurora stock declined 5.4 per cent to $2.46 in Toronto trading in apparent response to Monday's news. Industry analysts said the move was unsurprising given the company's current cash needs and the fact that the Exeter greenhouse was not in operation. "Quite frankly, I would be concerned if they weren't selling it at this point," said Andrew Carter at Stifel Financial.

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