Another One Bites the Dust: Booth Out at Aurora Cannabis
Just a week after MedMen CEO Adam Bierman announced stepping down, another high-profile cannabis CEO is on his way out. As reported in Barron’s, Terry Booth, CEO of Canada-based Aurora Cannabis, has announced his immediate retirement from the company. Current Chairman of Aurora, Michael Singer, will step into the CEO role while a search is underway for a permanent replacement for Booth.
In addition to Booth stepping down, Aurora announced 500 layoffs across the company, on a conference call last night (2/6/2020). Singer, who spoke for Aurora on the call, also reset expectations on the company’s 4th quarter 2019 performance, which is expected to show a substantial net loss for the company. Cannabis sales for Aurora fell about 10% for that period, but with returns and price cuts, that number could be closer to 20%. Aurora also warned investors of nearly $1 billion (CAD) in additional write-offs.