Aurora Cannabis (ACB), once a giant and prosperous cannabis company, has faced many challenges in the past couple of years. For example, the amount of…
high-priced acquisitions it made left billions of dollars of goodwill and has contributed to multiple quarters of hefty losses.
Since reporting its latest quarterly earnings report, which included their largest loss to date ($1.8 billion), the stock has dropped from $7.50 to $4.70. This is a substantial loss for investors.
The company announced this week that they would be unloading their position in the Australian cannabis company Cann Group. ACB took a $28 million impairment charge, but says it still sees the potential for growth in the Australian market.
Michelle Lefler, a spokeswoman for ACB, wrote an email to Marijuana Business Daily stating, “We continue to see growth potential in this important market and will maintain active relationships with key distribution partners to enhance availability of Aurora’s portfolio of leading, high-quality medical cannabis.” She also stated that the company remains focused on key markets including: Canadian medical and recreational, CBD in the United States, and developed international medical markets.
The move to unload its position in Cann Group is striking, as just this past February, ACB listed Australia as…
Continue reading at STOCKNEWS.com
