Aurora Cannabis Inc. slumped as much as 19% Friday after the company dumped a kitchen sink worth of bad news on investors.
Founder and Chief Executive Officer Terry Booth is stepping down. It’s cutting 500 employees as part of a major cost-reduction effort. It will record as much as C$1 billion in goodwill writedowns and asset impairment charges in its fiscal second quarter. Its credit facility has been cut by more than one-third. And its preliminary second-quarter revenue was well below analyst estimates, with little to no growth expected in the third quarter.
