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Aurora Cannabis Inc (2)
Symbol ACB
Shares Issued 197,413,275
Close 2021-02-12 C$ 15.80
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Globe says Aurora gets CEWS assistance despite layoffs

2021-02-16 07:03 ET - In the News

The Globe and Mail reports in its Saturday edition that Aurora Cannabis will receive $23.7-million from the Canada Emergency Wage Subsidy program for 2020, despite laying off almost a third of its work force in three rounds of downsizing that started last June. The Globe's Vanmala Subramaniam writes that the Edmonton-based pot vendor disclosed in its quarterly earnings Thursday that it had been approved to collect $23.7-million from the federal grant program for the six months ended Dec. 31, 2020. CEWS was launched by the feds last March to cover part of employee wages for industries and businesses that have seen declines in revenue due to COVID-19, and thereby help them prevent job losses and rehire workers who had been laid off. Over the course of 2020, however, Aurora significantly downsized its operations, shutting five of its production facilities across the country -- including its massive 1.8-million-square-foot Aurora Sun cultivation operation in Medicine Hat -- to rein in expenses given slow sales and oversupply in the sector. The company does not intend to rehire employees in the near future though it will use the federal funding to maintain its current Canadian employee base of 1,800 workers.

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