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.
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.