Courtesy Colton McKee

By Regan Tate

Aurora Cannabis lay offs

Aurora Cannabis CEO steps down, 500 positions eliminated

Feb 6, 2020 | 4:02 PM

Medicine Hat, AB–Aurora Cannabis announced today that CEO TerryBooth is stepping down and 500 full time positions are being eliminated.

In a release, the Edmonton based company says 25 percent of the layoffs are corporate positions. Aurora Cannabis also plans to restructure spending plans on information technology projects, sales, marketing initiatives, travel and entertainment and professional services.

The plan is to reduce capital expenditures for the second half of fiscal 2020 to bring capital expenditures below $100 million in total. The release notes that over the past several weeks, Aurora management has “undertaken a detailed evaluation of all capital projects underway and made decisions with respect to continuing or terminating further investment in each.”

The company believes changes being made will “better align the business financially with the current realities of the cannabis market in Canada,” according to the release.

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In November, Aurora announced it was deferring “the majority of the final construction and commissioning activities at its Aurora Sun facility in Medicine Hat for the foreseeable future which is expected to conserve approximately $110 million of cash.”

At that time, the Company expected to have at least six flower rooms completed and in operation at Aurora Sun in 2020, for a total of 238,000 square feet,”.

Aurora Sun was first announced in 2018.