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By Canadian Press

Aurora reports $3.3 billion loss for full year, $1.86 billion for Q4

Sep 23, 2020 | 12:23 PM

Miguel Martin has his work cut out for him just weeks into his new job as Aurora Cannabis Inc.’s chief executive.

The Edmonton-based cannabis company reported Tuesday that it incurred $3.3 billion in losses in its 2020 fiscal year, including $1.86 billion in its latest quarter due to large impairment charges.

Martin, who was named CEO on Sept. 8, conceded that the company had slipped from its top position in the Canadian consumer cannabis market.

The fall is forcing him to stage an immediate overhaul even after Aurora laid off thousands of workers this year.

“The company really was distracted in a lot of ways by the reset both on the people side and on the production side,” Martin told analysts.

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He plans to overhaul the company behind brands like San Rafael ’71, Daily Special, CanniMed and Reliva by expanding its affordable flower offerings and increasing its focus on emerging cannabis formats like pre-rolls, vapours, concentrates and edibles.

This report by The Canadian Press was first published Sept. 23, 2020

The Canadian Press