Aurora Cannabis shares are down almost 20% after resuming trading. CNBC’s Seema Mody has the story.
Aurora Cannabis said Chief Executive Terry Booth will retire and Executive Chairman Michael Singer become interim CEO as the beleaguered marijuana producer announced C$1 billion ($752.79 million) in impairment charges on Thursday.
The company also cut about 500 jobs, including about 25% of corporate positions.
Aurora’s U.S.-listed stock fell 13% in after-hours trading. The shares were halted earlier on Thursday.
Aurora expects impairment charges of as much as C$225 million on assets and as much as C$775 million on goodwill in the second quarter, it said. Net revenue will be between C$50 million and C$54 million, compared with C$54.2 million a year ago.
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