Cam Battley, chief corporate officer at Aurora Cannabis, was asked to step down after the latest financial results show the stock prices plummeting while the company’s debt is continuing to soar.
The company’s shares were $2.50 on December 27 and had a 52-week high of 13.67. Aurora’s EBITDA was negative $39.7 million for its first quarter of fiscal 2020. That compared with a loss of $67.6 million a year earlier and a loss of $11.7 million the fourth quarter ended in June.
The Alberta-based producer is facing the same issue as many other cannabis producers, such as Canopy Growth, as they have invested heavily in production facilities and were hoping that sales across Canada would be much higher than they have been.
The company stated, “Mr. Battley has been instrumental in Aurora’s international growth, serving as a powerful advocate and corporate voice in support of global acceptance.”
Neil Belot, the company’s chief global business development officer, voluntarily left the company a few weeks ago. Rick Savone has joined the company as Senior Vice President of Global Government Relations.
Aurora has a funded capacity of more than 625,000 kg per year, as well as sales and operations in 25 countries across 5 continents. In Alberta, Aurora has an 800,000 sq. ft. greenhouse facility at Edmonton International Airport and was building a 1.62 million sq. ft. greenhouse in Medicine Hat, Alberta, but recently announced that they will be halting further construction on this Aurora Sun facility. Aurora Mountain is the company’s first site, which is based north of Calgary.
Aurora has commenced shipments of initial orders received to 10 of Canada’s provincial regulators. Initially the company is providing a variety of CBD and THC vape and edible products, such as gummies, chocolates, baked goods, and mints.