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By CHAT News Today

Business transformation

Aurora Cannabis appoints new CEO

Sep 8, 2020 | 4:36 PM

EDMONTON – Aurora Cannabis has appointed Miguel Martin as its new CEO, the company announced today.

Martin takes over from executive chairman and interim CEO Michael Singer.

The company, which is building the Aurora Sun cannabis production plant in Medicine Hat, has spent the past six months transforming its business with an eye to a more efficient asset base and infrastructure to supply global markets.

Aurora says profitability is the focus for the next phase of its transformation.

In an update today the company says it expects net revenue to be between $70 million and $72 million in the fourth quarter of 2020, down slightly from $75.5 million in the third quarter.

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

Aurora also expects to record up to $1.8 billion in goodwill impairment charges in the fourth quarter.

Full results for the fourth quarter and the financial year that ended June 30 are expected on Sept. 22.