Canada markets open in 9 hours
  • S&P/TSX

    21,086.99
    +101.62 (+0.48%)
     
  • S&P 500

    4,519.63
    +33.17 (+0.74%)
     
  • DOW

    35,457.31
    +198.70 (+0.56%)
     
  • CAD/USD

    0.8103
    +0.0011 (+0.14%)
     
  • CRUDE OIL

    82.61
    -0.35 (-0.42%)
     
  • BTC-CAD

    78,890.93
    +980.38 (+1.26%)
     
  • CMC Crypto 200

    1,479.70
    +16.34 (+1.12%)
     
  • GOLD FUTURES

    1,774.30
    +3.80 (+0.21%)
     
  • RUSSELL 2000

    2,275.91
    +8.07 (+0.36%)
     
  • 10-Yr Bond

    1.6350
    -1.5840 (-100.00%)
     
  • NASDAQ futures

    15,382.25
    -16.25 (-0.11%)
     
  • VOLATILITY

    15.70
    -16.31 (-100.00%)
     
  • FTSE

    7,217.53
    +13.70 (+0.19%)
     
  • NIKKEI 225

    29,316.82
    +101.30 (+0.35%)
     
  • CAD/EUR

    0.6954
    +0.0003 (+0.04%)
     

Canada's Aurora Cannabis to shut down a facility in Edmonton

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the NYSE in New York
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Aurora Cannabis Inc said on Tuesday it will shut down a facility in Edmonton, Alberta, adding to the woes of the cash-strapped Canadian pot producer which has been reeling under the impact of the pandemic since last year.

The company said medical distribution from the Aurora Polaris facility that is being shut down will move to an adjacent factory called Aurora Sky, while manufacturing will move to its Aurora River factory in Ontario.

"We aspire to be a leaner, more agile organization that keeps pace with our competition and is on a path to profitability," a spokesperson for the company said in an email statement.

The company, however, did not disclose the number of employees that would be impacted by the move.

On Monday, the Edmonton-based company also delayed https://www.prnewswire.com/news-releases/aurora-cannabis-reschedules-fourth-quarter-and-full-fiscal-year-2021-investor-conference-call-and-related-year-end-informational-filings-to-monday-september-27-2021-301380831.html the announcement of its fourth-quarter earnings.

Aurora had announced staff reductions and plans to shut five facilities in June last year, hit by the pandemic's impact on the cash-strapped cannabis industry.

Canada legalized recreational cannabis in October 2018, but profits have remained elusive for most marijuana companies due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth.

(Reporting by Niket Nishant and Shariq Khan in Bengaluru; Editing by Krishna Chandra Eluri)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting