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.