Canada’s Aurora Cannabis said Tuesday it would lay off hundreds of employees and shutter multiple manufacturing facilities as part of a massive turnaround effort aimed at cutting costs and achieving profitability in 2021. In a news release, the Edmonton, Alberta-based marijuana firm said headcount reductions would impact 25% of its corporate workforce, as well as 30% of its production employees.
Aurora Cannabis Inc. co-founder Terry Booth is the marijuana industry’s latest executive casualty. The Alberta-based cannabis firm announced Thursday that Booth had stepped down as chief executive officer of the multinational marijuana firm. Aurora is he latest high-profile cannabis firm to announce a key executive change in recent months.
In the face of growing financial losses and a stock that has lost more than 80% of its value over the last nine months, Canada’s Aurora Cannabis Inc. is shaking things up. The company recently shared that chief corporate officer Cam Battley had stepped down from his position on December 20, among other notable announcements.
In a drastic attempt to lower costs and boost profitability, embattled multi-state marijuana company MedMen will lay off 190 employees and sell its stake in a cannabis real estate investment trust (REIT), among other right-sizing maneuvers.