Aurora announces CEO Booth’s departure, layoffs and up to CA$1 billion in writedowns – Marijuana Business Daily

(This story has been updated with additional details.) Terry Booth has stepped down as chief executive of Aurora Cannabis, the Canadian multinational marijuana company he helped build from the ground up over the past seven years. His exit is the latest in a string of high-profile CEOs who’ve departed cannabis firms in the past year. Aurora…

Aurora announces CEO Booth’s departure, layoffs and up to CA$1 billion in writedowns – Marijuana Business Daily

(This story has been updated with additional details.)
Terry Booth has stepped down as chief executive of Aurora Cannabis, the Canadian multinational marijuana company he helped build from the ground up over the past seven years.
His exit is the latest in a string of high-profile CEOs who’ve departed cannabis firms in the past year.
Aurora announced Booth’s “retirement” after stock markets closed Thursday, and disclosed that close to 500 full-time positions were eliminated to save costs.
Executive Chairman Michael Singer takes over as interim CEO, effective immediately.
The company also said it expects to report non-cash asset impairment charges of up to 225 million Canadian dollars ($169 million) and writedowns of goodwill of up to CA$775 million.
Booth steered Aurora to become one of the biggest cannabis companies in the world, but shareholders grew restless as losses piled up and no clear pathway to profitability emerged.
He co-founded Aurora in 2013 when the Canadian federal government created a new regulatory regime for medical cannabis.
Booth invested CA$2.5 million of his own money in the startup, and, according to regulatory filings, the value of his holdings in the company totaled roughly CA$159 million as of June 30, 2019.
However, Aurora’s stock has plunged 74% since then.
Booth is the latest high-profile cannabis CEO to walk away from his job following disappointing company results.
Last week, Adam Bierman – the flamboyant co-founder o
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