MJ Biz Report Reveals Yet More “Downsizing” Coming At Aurora

MJ Biz Report Reveals Yet More “Downsizing” Coming At Aurora
CANNANNEW REPORT

MJ Biz write Aurora Cannabis sets more closures, selling Sun greenhouse at fraction of cost In a bid to slash costs and become profitable, Aurora Cannabis is closing its flagship Aurora Sky facility in Edmonton, Alberta, as well as shuttering an outdoor farm in British Columbia and the company’s prized Anandia testing and genetics division. The Edmonton-based producer also acknowledged the pending sale of its Sun facility in Medicine Hat, Alberta, for 47 million Canadian dollars ($36 million), well below the more than CA$250 million Aurora had put into the huge greenhouse. The deal has not yet closed. Aurora disclosed the latest facility closures and sales last week, along with its third-quarter earnings, in which the company reported a loss of CA$1 billion ($780 million). Aurora said the moves are part of a plan to save the company CA$150 million-CA$170 million in annualized costs by the first half of its next fiscal year. “Simply put, our business is bigger than what we need, and we must position ourselves to better secure our path to profitability and ultimately be successful in this industry in the long term,” CEO Miguel Martin said in a video message to employees.

“Despite our best efforts, we are significantly over capacity and had to make the tough call to wind down operations at Sky.” In the video, Miguel said consultants from Deloitte have been asked to ensure every decision the company makes is carefully reviewed and validated. He said the new Aurora will be “leaner and more representative of the business we have today.” Read full article https://mjbizdaily.com/aurora-cannabis-sets-more-closures-sells-sun-greenhouse/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20220518_NEWS_Daily

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Source : MJ Biz Report Reveals Yet More “Downsizing” Coming At Aurora

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