Aurora Cannabis Provides Key Updates on Business Transformation Plan
- Continues to Execute on Corporate Restructuring &
Facility Rationalization Plan Aimed at Margin Improvement and
Profitability - Exiting Fiscal Q4 2020 at an SG&A Run Rate of Approximately $42 Million
- Remains on Track for Positive Adjusted EBITDA in Fiscal Q1 2021
EDMONTON, AB, June 23, 2020 /PRNewswire/ – Aurora Cannabis Inc.
(the “Company” or “Aurora”) (NYSE | TSX: ACB), the Canadian company
defining the future of cannabinoids worldwide, today provided a progress
update on its Business Transformation Plan that was previously
communicated February 6, 2020.
“Across our organization we continue to take decisive action and
execute on our previously announced Business Transformation Plan,”
stated Michael Singer, Executive Chairman and Interim CEO of Aurora.
“With today’s announcement we have achieved our stated SG&A run-rate
target and expect to operate at approximately $42 million for the first
quarter of fiscal 2021. The further cost savings and margin improvement
to be realized from our facility rationalization plan is another
example of our commitment to deliver greater efficiency throughout the
business.”
Since announcing the Business Transformation Plan, Aurora has taken a number of concrete steps that position the Company to meet or exceed the previously announced Selling, General and Administrative (SG&A) cost target of $40 to $45 million, including R&D, as the Company exits Q4 2020. Today, the Company announced the following initiatives:
