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Aurora Cannabis’ stock tanks amid new corporate developments

Shares of Aurora Cannabis (NYSE: ACB) fell over 8% in morning trade on Monday as the company announced several updates from the resignation of a key executive to the rollout of Cannabis 2.0.

Aurora announced on Friday that Cam Battley stepped down from his role as Chief Corporate Officer, prompting several analysts to raise concerns about the financial health and future of the company.

Image for representation only/Photo Courtesy: Rex Medlen from Pixabay

On Monday, Aurora said it has been working on rationalizing capital spending, reducing debt and boosting liquidity to position itself for long-term growth. The company is expected to save approx. $200 million of cash through the deferral of certain construction and commissioning activities.    

Aurora commenced shipments of initial orders received to 10 provincial regulators of Cannabis 2.0 products. New products have been made available for order by the company’s registered medical patients. Aurora will initially provide a variety of CBD and THC vape and edible products such as chocolates and mints.

Also read: Aurora Cannabis Q1 2020 Earnings Report

Aurora announced that it received approvals for its Sedamen Softgel capsules and one of its oil products in Denmark and Ireland. The company’s wholly-owned subsidiary Whistler Medical Marijuana Corp. announced the completion of the construction of its production facility in Pemberton, British Columbia.

Aurora also announced the appointment of Rick Savone as Senior Vice President of Global Government Relations. Mr. Savone will be in charge of the company’s relations with global governments and will be involved in the creation of regulations that will allow greater access to medical cannabis products for patients.

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