Aurora Cannabis (NYSE:ACB) -11% after-hours as it outlines a "business transformation plan," issues below-consensus preliminary FQ2 financial results and announces the departure of CEO Terry Booth.
Aurora says it now expects Q2 cannabis revenues of C$62M-C$66M, which would be a sequential decline from C$70.8M and well below the C$78.8M analyst consensus estimate.
The company says it has eliminated ~500 full-time staff positions, or 17%-18% of its workforce.
It plans to record asset impairment charges of C$190M-C$225M and writedowns of C$740M-C$775M when it reports Q2 results, and will cut H2 capex to below C$100M.
Aurora CFO Glen Ibbott says the assets impaired are mostly in South America and Denmark, and the company's core Canadian cannabis assets are not impacted.
Exactly.. With Aurora Bring in power players...Like Lance A. Friedmann — Senior Vice President of Health & Wellness and Sustainability at Mondelez International... His number one brand brought to Market Oreo cookies can you imagine and Aurora cannabis Oreo.. It will sell like hotcakes people have short term vision and need long-term especially in this industry...I mean people can't see the puzzle coming together big player director from Kraft Foods with marketing back ground and brought the number one selling cookie in the world to Market Oreo it's as plain as the nose on your face.. Multiple products edibles such as Cookies Cakes you name it and they're going to be brought to the world and this is only the beginning.. About Lance Friedmann Over Mr. Friedmann's 25 year experience with Kraft Foods and Mondelez International, Inc. he held a number of roles of progressing scope and responsibility focused on marketing, strategy, and customer insights across the U.S., Latin America, and Asia. His experience includes senior management of Kraft Foods' marketing-related and corporate marketing programs, for Canada, Mexico and Puerto Rico, and Health & Wellness. Notably, he played a critical role in the launch of the "Sensible Solutions" product line, and subsequently led Mondelez's $12 billion global biscuits category, including Oreo, the world's #1 biscuit brand... https://www.comparably.com/companies/mondelez-international/lance-a-friedmann
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