Aurora Cannabis shares were pummelled on Wednesday, falling 29 percent a day after the Edmonton-based firm reported that it had incurred $3.3 billion in losses for its 2020 fiscal year.
Aurora stocks, which had risen 15 percent before results were released, fell $2.83 per share on Wednesday to close at $6.97. Volume was heavy, with roughly 7.5 million shares traded, which is five times its average volume.
Recently appointed CEO Miguel Martin said Tuesday that he is focusing on repositioning the company immediately because it has slipped from its top position in the Canadian consumer cannabis market.
“My focus is therefore to reposition the Canadian consumer business immediately. We look to expand beyond the value flower segment, leverage our capabilities in science and product innovation and put our effort on a finite number of emerging growth formats,” he said in a news release.
Martin says he will overhaul Aurora by expanding its affordable flower offerings and increase the company’s focus on emerging cannabis formats like pre-rolls, vapes, concentrates and edibles.
Companies in this story: (TSX:ACB)
With files from The Canadian Press