Aurora Cannabis Closes Edmonton Plant, Says 8% of Its Workforce Affected – Red Deer Advocate

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Aurora Cannabis Inc. said eight percent of its global workforce will be affected by the impending closure of one of its Alberta factories.

The cannabis company announced Wednesday that it was closing its Aurora Polaris property in Edmonton as part of a plan to streamline its operations.

“This decision was not made lightly. After careful consideration and consideration, we are taking the necessary steps to strengthen our core activities to meet current and future demand, ”the company said in an email to The Canadian Press.

“We strive to be a leaner, more agile organization that keeps pace with our competition and is on the way to profitability. We believe these changes are essential to our future success. “

An Alberta government website detailing major projects in the area shows that the Aurora Polaris facility was approximately 2,787 square feet, with one-third of the space for the storage and distribution of cannabis products and the rest for the Product manufacture is provided.

The website says the property was valued at an estimated $ 50 million and was adjacent to an Aurora-Sky facility at Edmonton International Airport.

Aurora Polaris medical distribution will relocate to the Aurora Sky facility, while manufacturing will relocate to Aurora River in Bradford, Ontario.

Aurora, headquartered in Edmonton, will continue to be based in Alberta.

The changes come after the company postponed the release of fourth quarter results from September 21st to September 27th.

Analysts aren’t optimistic about the numbers Aurora will release next week.

Bill Kirk, analyst and executive director at MKM Partners, told investors in a September 17 announcement that he believed Aurora had “limited prospects” of improving its position in the recreational cannabis market and was unlikely to exceed profitability expectations.

He pointed out that in the 17 quarters Aurora reported as a publicly traded company, Aurora missed consensus EBITDA expectations 17 times and that, in his opinion, the company will barely generate $ 50 million in revenue.

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