It was a day of big moves for Canadian cannabis giant Aurora. The company announced:
- A new CEO and the retirement of Terry Booth.
- An enormous current miss and guide down for next quarter.
- Several cost-cutting measures, including layoffs.
- Two new board members.
- A plan to issue another $200 million worth of stock.
- A new plan to get to positive EBITDA of $51 million in F2021.
- Big write downs.
- A debt restructuring.
We believe it was part of a necessary move for survival.