Aurora to Overcome Challenges with the Help of a New CEO
The Edmonton-based company managed to lose $3.3 billion this fiscal year alone with $1.86 billion in losses reported for Q4.
Miguel Martin — the new CEO — has his work cut out for him. Namely, Martin disclosed that Aurora was not on the top spot in the Canadian cannabis market anymore.
The latest fiscal figures are forcing the new CEO to rethink the company’s strategies despite Aurora already laying off a large number of workers earlier this year.
One of the things scheduled for change is the increased offerings list; brands such as Daily Special, Reliva, CanniMed, and San Rafael, as well as emerging cannabis formats like edibles, concentrates, vapes, and pre-rolls, will be made readily available for customers.
According to Martin, similar strategies have worked for their immediate competitors and he’s quite sure that Aurora will succeed. In addition, Aurora’s CEO urged journalists to keep track of the company’s revenue in the coming months.
“If there’s progress in our premium lineup and close key categories, you will know that the plan is working,” Martin told the media.
The company has reported $1.6 billion in goodwill writedowns, another $86.5 million in production facility-writedowns, and an accompanying $135.1 million in inventory changes.
However, the report does not mention company share earnings for the latest quarter. Nevertheless, experts believe that Aurora lost around 42 cents per share.
According to Glen Ibbott, the CFO, the lion’s share of the company’s troubles can be blamed on net cannabis revenue dropping to $35.5 million (9%) in the previous quarter.