Aurora Continues To Sell Assets, Places Focus On 'Core Markets'
Aurora Cannabis Inc. (NYSE:ACB) opted to part ways with Australia-based Cann Group.
The Canadian cannabis company sold its 12% stake via off-market trades "to a small number of undisclosed buyers" on Friday, Oct 9, after the market closed.
Aurora is also selling its assets in Uruguay, per MJ Biz Daily. Alejandro Antalich, the CEO overseeing the company's South American operations, exited the company, the report continued.
During the last fiscal year, the company lost over CA$3.3 billion ($2.5 billion).
In addition, its impairment loss amounted to CA$37.2 million ($28.2 million) on its Cann Group position for the fiscal year. In the last year, the impairment charge was CA$18.2 million.
Aurora spokeswoman Michelle Lefler told the cannabis business news outlet that they "continue to see growth potential in this important market and will maintain active relationships with key distribution partners to enhance the availability of Aurora's portfolio of leading, high-quality medical cannabis."
As a part of its "business transformation plan," executive chair Michael Singer recently noted that the company has been "building the infrastructure and capabilities necessary for a successful and diversified business."
Singer was appointed to the role after serving as the company's interim CEO for over six months.
Lefler further explained that Aurora's primary focus is on its "core markets," including the medical and recreational market in Canada, the development of international medical markets, and the CBD market in the U.S. on which the company debuted in May.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.