When Aurora Cannabis Inc. announced last week that co-founder and Chief Executive Terry Booth would retire, it also revealed another loss to come: A quarterly deficit of roughly a billion dollars.
Aurora also announced a 500-person layoff, capital expenditure reductions to roughly C$100 million and restructuring of its debt. Executive Chairman Michael Singer will take the helm as interim CEO until a permanent replacement can be found. Revenue: Analysts polled by FactSet expect Aurora to report fiscal second-quarter revenue of C$61.7 million, versus C$54.2 million a year ago. But the company’s second-quarter sales are expected to decline sequentially from first-quarter revenue of C$75.2 million. The vast majority of the company’s sales are from Canadian recreational and medical cannabis.
great news for $cron as it holds the cash and is invested in smarter long term projects.
BarringtonHaat1 Most of the cannabis companies are taking on too many expenses and commitments in the name of chasing marketshare with gold-rush era forecasts. They survive more from injections from fomo high investors than consumer purchases. Plenty of malinvestment in this industry.
What are they doing, smokin’ dope?
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