Turmoil in the cannabis business has claimed another CEO

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.

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