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Aurora Cannabis has promoted Miguel Martin to CEO, while warning investors to expect declining quarterly revenue and write-downs of up to 1.8 billion Canadian dollars ($1.37 billion) when it reports fourth quarter results in two weeks.

Aurora Cannabis is shutting down five smaller production facilities and cutting roughly 700 employees as part of a corporate transformation plan over its next two quarters, with the goal of centralizing production and manufacturing at “larger-scale and highly efficient sites.”