Aurora to close five facilities, lay off 700 staff in latest restructuring

Aurora Cannabis Inc. announced Tuesday it is closing five of its production facilities and laying off about 700 workers as the pot giant continues restructuring its operations in a bid to achieve profitability. 

The Edmonton-based cannabis producer said in a statement it is closing five smaller-scale facilities in Quebec, Saskatchewan and Alberta this year to consolidate production at its four remaining plants, while booking a $60-million impairment charge related to the closures in its fourth quarter. Aurora also said it plans to take a $140-million charge related to a revaluation of its raw cannabis given shifting consumer demand.