Aurora’s Last Quarter Down $165Million.. Will Bringing The Funk To The Board Step Up The Tune?

MJ Biz report…

Aurora Cannabis announced a shake-up of its board of directors and is eyeing tens of millions of dollars in additional cost savings as the Alberta, Canada-based company reported another large quarterly loss amid sharp drops in its adult-use and international sales.

Aurora reported a net loss for its quarter ended March 31 of 164.7 million Canadian dollars ($136 million), an improvement over the previous quarter’s CA$293 million loss.

That brings the company’s loss to CA$1.4 billion through nine months of its fiscal year.

Aurora’s net revenue fell 18% from the previous quarter to CA$55 million, short of analysts’ expectations.

In a phone interview, CEO Miguel Martin acknowledged Aurora’s  tough quarter.

Recreational cannabis sales “for everybody, not just us, came in under expectations,” he said.

The CEO also cited Canada’s COVID-19 challenges, including Ontario stores closed to physical shoppers as well as some provinces changing order systems.

In a news release, Aurora disclosed that Michael Singer is stepping back from the executive chair position he has occupied on the company’s board since 2016. He is being replaced by lead independent director Ronald Funk, effective immediately.

Aurora wouldn’t say whether the approximately CA$5 billion the company lost while Singer chaired the board influenced the decision.

Read the full report..


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