Aurora Cannabis targets more cost cuts on path to profitability

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Sept 28 (Businesshala) – Aurora Cannabis Inc. (ACB.TO) top boss Miguel Martin expects the company to be profitable on a mainstay in the first half of 2023, helping to generate C$60 million to C$80 million in cost savings Will get

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More than three years into Canada’s legalization of recreational cannabis, most large producers continue to suffer losses due to fewer retail stores than expected, cheaper rates on the black market, and sluggish overseas growth.

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Aurora said last week it would close a facility in Edmonton, Alberta, without disclosing the number of employees that would be affected by the move.

“We have the perfect infrastructure and the right headcount, so we don’t see anything, you know, in the short term,” Martin told Businesshala about whether the company plans to lay off more employees or facilities as part of the cost. making plans. savings strategy.

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The company’s shares were up 6.2% at C$8.58.

Martin said on Monday that the additional cost savings “will clear our way for positively adjusted EBITDA through the first half of our next fiscal year, even if revenue were to remain stable with our fiscal 2021 fourth quarter levels”.

The company missed fourth-quarter revenue expectations and posted a higher-than-expected quarterly loss on Monday.

Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Elurik

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