Aurora names new CEO, expects up to $1.8B in goodwill impairment charges

Aurora names new CEO, expects up to $1.8B in goodwill impairment charges
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EDMONTON — Aurora Cannabis Inc. promoted Miguel Martin to chief executive and warned that it expects to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of its 2020 financial year.

Martin was chief executive of U.S. CBD company Reliva when Aurora acquired it earlier this year and became chief commercial officer at Aurora in July.

Michael Singer, who had been interim CEO since the retirement of Terry Booth in February, will remain executive chairman.

In its financial update, Aurora says net revenue in its fourth quarter is expected to be between $70 million and $72 million, compared with $75.5 million in its third quarter.

Cannabis net revenue is expected to be between $66 million and $68 million, compared with $69.6 million in the third quarter.

Aurora plans to release its full results for its fourth quarter and financial year ended June 30 after the close of markets on Sept. 22.

This report by The Canadian Press was first published Sept. 8, 2020.

Companies in this story: (TSX:ACB)

The Canadian Press

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