Aurora Cannabis Announces Layoffs, Facility Closures

Aurora Cannabis shares rose Tuesday as the marijuana company announced it was laying off about 700 workers, shuttering five production facilities and taking a $60 million charge for the quarter ending June 30. As for the layoffs, Aurora said in a statement that there will be “an approximate 25% reduction in Aurora’s SG&A [selling, general and administrative] staff, most with immediate effect, and an approximate 30% reduction in production staff over the next two quarters.” As for the plant closures, “Aurora has initiated a plan to close operations at five facilities over the next two quarters in order to focus production and manufacturing at the company’s larger scale and highly efficient sites,” the company said.