The
Martin replaces
"We took a step back and said 'what do we think is right for the organization?' and we thought Miguel without a doubt because of all the credentials and his ability to hit the ground," Singer said in an interview after the announcement.
"He knows the team and is really well entrenched within the organization."
Martin will be focused on making the company profitable in the Canadian market and building an international strategy.
His appointment comes at a rocky time for Canadian cannabis companies.
Many were already restructuring when COVID-19 started spreading in
The industry has seen massive writedowns, collectively laid off a few thousand workers and permanently shut down some facilities.
Aurora said Tuesday that it is expecting to incur a non-cash writedown of goodwill and intangible assets between
The writedown includes
"This was, I think, just a cleanup of the past and it really allows us to now focus on the future," Singer said.
As part of that cleanup, Aurora will end its partnership with the
The multi-year, multi-million dollar partnership was meant to help conduct clinical research on the relationship between 100 per cent hemp-derived CBD products and pain management, inflammation, injury recovery and mental well-being for athletes.
Aurora hoped the partnership would accelerate CBD product development and education.
The partnership came at a time when Aurora thought the
"Today, while I'm particularly quite bullish, it is not there yet," he said.
"So when you look at something like the tremendous investment in the assets of UFC, it doesn't make sense for us."
Aurora will make a one-time payment of
Between the termination and the writedowns, Aurora is predicting its net revenue in its fourth quarter to be between
Cannabis net revenue, the company said, is expected to be between
Aurora plans to release its full results for its fourth quarter and financial year ended
The announcements sent Aurora's stock tumbling by almost four per cent to reach
This report by
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