The CEO of cannabis giant Aurora just stepped down and the company is cutting 500 jobs as turmoil hits the industry
A man shows off his cannabis purchase outside the Quebec Cannabis Society store on the day Canada legalizes recreational marijuana in Montreal.Aurora Cannabis CEO Terry Booth is stepping down from his role and the company is cutting 500 jobs in an effort to reduce costs.Visit Business Insider's homepage for more storiesLongtime Aurora Cannabis CEO Terry Booth is stepping down and the cannabis giant is cutting 500 jobs to slash spending, as turmoil hits the industry.
On top of the executive changes, Aurora said it was eliminating 500 full-time roles at the company, including 25% of corporate positions, and cutting back spending on travel and entertainment, IT projects, sales and marketing initiatives, and other areas. Interim CEO Singer said that Aurora engaged an executive search firm "several weeks back" and is looking for a permanent CEO with consumer-packaged goods, or CPG experience. BNN BloombergAurora will also take a $740 million to $775 million goodwill write-down, mainly related to assets the company acquired in Denmark and South America, "given market current cannabis market conditions and the slower than expected near-term industry growth," according to the statement.
Canopy Growth founder Bruce Linton stepped down from his role in July of last year. He was replaced by David Klein, a former senior exec at Canopy's largest investor, Constellation Brands. , replacing longtime CEO Torsten Kuenzlen and laying off an undisclosed number of employees.
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