- Aurora Cannabis is cutting approximately 700 workers and shutting five production facilities, a company spokesperson confirmed to Business Insider.
- Aurora previously laid off 500 workers in February.
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Aurora Cannabis on Tuesday announced a new round of layoffs, after the company laid off 500 workers in February.
An Aurora spokesperson confirmed to Business Insider that the layoffs will affect approximately 700 workers or 30% of its total workforce. The company also said it is shutting five cultivation facilities over the next two quarters, in an effort to pare back expenses.
The Aurora spokesperson said the layoffs will affect 25% of its corporate workers in the short term and 30% of its production staff over the next two quarters.
Much like other Canadian cannabis companies, Aurora has been hit hard by a broader capital crunch in the cannabis sector, with elusive profits, high costs, and the slower-than-expected rollout of retail stores in Canada. On top of that, many Canadians still choose to purchase cheaper marijuana in the illicit market.
The coronavirus pandemic has exacerbated problems within cannabis companies, creating difficulties for companies looking to bring in new investors.
In February, Aurora's longtime CEO, Terry Booth, stepped down. He was replaced by Michael Singer, who remains Aurora's interim CEO while the board searches for a replacement.
Aurora's stock fell 1% in regular trading on Tuesday.
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