) on Tuesday announced a new round of staff reductions and plans to shut five facilities over the next two quarters, as the COVID-19 pandemic pummels the cash-crunched cannabis industry.
FILE PHOTO: The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., January 8, 2019. REUTERS/Brendan McDermid For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth.
The industry has been further hit by the COVID-19 crisis, which has also upended financial markets, making it harder to get investor dollars. To survive the challenging times, Aurora has cut its selling, general and administrative workforce by 25% and will lay off 30% of production staff over the next two quarters, it said.Aurora in February announced the exit of founder and Chief Executive Officer Terry Booth, 500 job cuts and impairment charges as it came under fire for its aggressive global expansion amid uncertain demand.
Big operations won't last...
Yeah, marijuana stocks were the snake oil of recent stock market years.
Karma of weed dealers who’re locked up 😂😂🤣
Dude...
Good. DrugFreeSG
Any cannabis producers, distributors and consumers should be severely criminalized and sentenced accordingly. Sad to see that it's legal in some states and nations. Layoffs and potentially bankrupt outcomes would be preferred until it's outlawed fully.
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