Aurora Cannabis Inc. continues to restructure with more layoffs, plant closings and impairment charges. The Edmonton-based cannabis company said that it will reduce its selling, general and administrative headcount by 25% immediately.
Another 30% of the production employees will be laid off by the company during the next two quarters.
Aurora has also decided to cease its activities in five establishments over the course of the next two quarters, in order to concentrate the production and manufacturing to the company on a larger scale and more efficient sites.
The affected facilities are Aurora’s Prairie, Aurora Mountain, Aurora Ridge in Aurora’s Life and the Dawn of the Water.
By the end of the company’s 2021 second quarter, Aurora intends to consolidate the production and manufacturing of the Aurora Sky, Aurora River, Whistler, Pemberton, and Polaris.
The company also says it will save the production of asset impairment charges of $ 60 million during its fourth quarter and a charge of up to $ 140 million of the carrying value of certain stocks.
This report, published by The Canadian Press was first published on June 22, 2020