Aurora Cannabis reports $3.3B loss for full year, $1.86B for Q4Posted by On

dried marijuana leaves

Miguel Martin has his work cut out for him just weeks into his new job as Aurora Cannabis Inc.’s chief executive.

The Edmonton-based cannabis company reported Tuesday that it incurred $3.3 billion in losses in its 2020 fiscal year, including $1.86 billion in its latest quarter due to large impairment charges.

Martin, who was named CEO on Sept. 8, conceded that the company had slipped from its top position in the Canadian consumer cannabis market.

READ MORE: Aurora Cannabis names new CEO, expects up to $1.8B in goodwill impairment charges 

The fall is forcing him to stage an immediate overhaul even after Aurora laid off thousands of workers this year.

“The company really was distracted in a lot of ways by the reset both on the people side and on the production side,” Martin told analysts.

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He plans to overhaul the company behind brands like San Rafael ’71, Daily Special, CanniMed and Reliva by expanding its…

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