VFF - Aurora Cannabis: The End Of An Era

Aurora Cannabis (ACB) dropped a number of negative news after the market closed last Thursday, further shaking investor confidence:

• CEO Terry Booth will step down and remain as a Board member.
• $1 billion impairment related to its international assets.
• Cut its workforce by 500 including 25% of its corporate staff.
• Revised lending agreement to eliminate EBITDA ratio covenants but also reduced the credit facility size by $141.5 million.
• Expects F2020 Q2 net revenue of $50-$54 million and anticipates no sign of improvement for F2020 Q3 with flat revenue.

(All amounts in C$)

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