04:26:07 EDT Thu 28 Mar 2024
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Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,168,189,723
Close 2020-02-06 C$ 2.665
Market Cap C$ 3,113,225,612
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Globe says Aurora's Booth steps down as CEO

2020-02-07 07:44 ET - In the News

The Globe and Mail reports in its Friday edition that Aurora Cannabis chief executive officer Terry Booth is stepping down and the company is laying off hundreds of employees. The Globe's Mark Rendell writes that layoffs will eliminate 500 full-time-equivalent staff, including 25 per cent of corporate positions. The company also announced that it expects to take a $740-million to $775-million writedown on goodwill, and an impairment charge of between $190-million and $225-million. The moves are another sign of the reversal in the fortunes of the Canadian cannabis industry. Mr. Booth has led Aurora since 2013, overseeing the Edmonton company's stunning transition, through a series of acquisitions, into Canada's second largest cannabis company by sales and third largest by market capitalization. Over the past year, however, Aurora has struggled to live up to the expectations it set in the lead-up to the legalization of recreational marijuana. Sales growth has faltered, and the company continues to burn through cash at a rapid rate. In November, it announced that it was stopping construction on two new facilities, including a 1.6-million-square-foot growing operation in Medicine Hat. Mr. Booth will remain on the board.

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