The Aurora Sun building under construction in Medicine Hat - FILE

By Charles Lefebvre

Aurora Cannabis to release second-quarter financial report Thursday

Feb 12, 2020 | 2:37 PM

MEDICINE HAT, AB — Aurora Cannabis will release its 2020 second quarter results Thursday morning.

The conference call is scheduled for 6 a.m. Mountain Time, before the markets begin trading.

The results come one week after the company announced new changes and gave preliminary indications of their earnings.

In a news release last week, the company announced they’re expecting cannabis revenues of between $62 and $66 million, and are expecting to report “modest quarter-over-quarter growth in consumer cannabis revenues.”

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The company also announced its founder and CEO Terry Booth would retire and step down from the company, with Michael Singer serving as interim CEO. Further, Aurora will be laying off close to 500 full-time equivalent staff positions, with 25 per cent of those positions being corporate positions.

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.”

There was no indication about what would happen next with Aurora Sun in the preliminary release one week ago. Last year, the company announced it would be 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.”