Convinced that Canada could surf a wave of global cannabis legalization, Terry Booth built Aurora Cannabis into one of the world’s most highly valued pot producers—second only to arch-rival Canopy Growth. That was a year ago. Since then, Canada’s pot stocks have collapsed under a glut of unsold weed, and late Thursday, Aurora (ticker: ACB) announced that Booth will immediately retire as his company tries to conserve cash by laying off 500 employees. Chairman Michael Singer will fill Aurora’s CEO slot until a new chief can be found. New terms from Aurora’s bank lenders now require the company to become cash-flow positive by the September quarter. Rumors of layoffs and Booth’s resignation circulated all day Thursday and knocked 5.6% off the price of the...
logic · THCFarmer News DeskFebruary 6, 2020 · 588 reads · 0 comments
