Aurora Cannabis, one of the weed industry’s largest and most visible companies, announced a major restructuring on Thursday. The company is cutting roughly 500 jobs, slashing expenses, and booting its CEO.
The drastic move is in response to an industry which has performed far below expectations after cannabis legalization in Canada and other major markets.
“We believe these are the right moves at the right time,” said Michael Singer, Aurora’s executive chairman and interim CEO, according to CNN.
Aurora is now on the hunt for a new CEO, possibly someone outside the cannabis space with experience in consumer packaged goods, Singer told analysts in a call.
Following a wave of legalization in the last few years, Aurora has become very aggressive in their operations, not only targeting markets in Canada and the United States, but around the world including in South America and Europe.
But all that might have been a little more than Aurora can chew right now. That’s why the company is in the process of “resetting” to focus on four core markets. Those markets: Canadian medical marijuana, Canadaian legal weed, the U.S. of A., and international medical cannabis. All that is to help lower their expenses by about $30 million for the fiscal quarter.
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