Another cannabis giant is shedding jobs, expenses and its CEO amid industry headwinds. Aurora Cannabis, a Canadian cannabis company that invested heavily in global expansion, announced late Thursday a comprehensive 'reset' of the firm.
Aurora Cannabis, a Canadian cannabis company that invested heavily in global expansion, announced late Thursday a comprehensive"reset" of the firm that included the resignation of CEO Terry Booth, the elimination of about 500 jobs, a drastic scale-back of expenses, and a narrowed focus on core markets."We believe these are the right moves at the right time," Michael Singer, Aurora's executive chairman who was named interim CEO, said during a call with analysts.
In Aurora's call with analysts,"prudent" was a word frequently used by Singer and Chief Financial Officer Glen Ibbott to describe the company's efforts moving forward. Read MoreAmong the financial and operational targets outlined in Aurora's overhaul were plans for the company to focus on four key markets: Canadian recreational cannabis, Canadian medical cannabis, more established international medical cannabis markets and the United States.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nike CEO John Donahoe: Shoppers care about sustainability'The consumer increasingly cares about sustainability,' Nike CEO John Donahoe told CNBC's Sara Eisen on Wednesday, marking his first television interview since taking the helm at the retailer last month.
Read more »
Servier Pharmaceuticals CEO David Lee shares career advice - Business InsiderServier Pharmaceuticals CEO David Lee told Business Insider how he advanced his career using 3 key tools: results, reputation, and relationships.
Read more »
Qatar Airways in talks for a 49% stake in RwandAir: CEOQatar Airways is in talks to acquire a 49% stake in RwandAir, its chief executiv...
Read more »
LinkedIn CEO Steps Down To Focus On Increasing Network DiversityLinkedIn CEO Jeff Weiner is stepping down from the helm of the social-networking company and will be focusing on diversity and inclusion in the LinkedIn networks. Weiner calls the lack of diversity “the network gap,” and he has a vision for how to reduce it.
Read more »