Aurora Cannabis slims down operations with the closing of Aurora Polaris

Aurora Cannabis slims down operations with the closing of Aurora Polaris

The closure of the Edmonton facility allows Aurora to focus on streamlined operations

According to an announcement shared yesterday by Aurora Cannabis, the company said it plans to close Aurora Polaris, located in Edmonton, Alberta. The news comes as one more problem the Canadian marijuana producer has been facing regarding its liquidity, which has been hit hard by the impact that the COVID-19 pandemic has brought since last year.

According to Aurora, the soon-to-be-closed medical distribution facility at Aurora Polaris will be moved to an adjacent factory called Aurora Sky, while all related manufacturing will now be housed at the Aurora River factory in Ontario. “We aspire to be a leaner, more agile organization that keeps pace with our competition and is on a path to profitability,” a spokesperson for the company said in an email statement.

Although it is a fact that operations will be closed at that location, the company has not yet disclosed how many employees will be affected by the move. Earlier this year, the company had also announced staff reductions and plans to close a total of five facilities by the middle of this year as part of the pandemic’s impact on the cannabis industry, which left Aurora cash-strapped.

In addition, earlier in the week, the company also announced that it must reschedule its fourth quarter and full fiscal year 2021 investor conference call and related end-of-wing informational presentations. According to the announcement, the new date for this event will be the following Monday, September 27. The intent of this conference call is to discuss financial results for both the fourth quarter and full fiscal year 2021. In addition, Aurora will also be scheduled to present its related annual disclosure documents after the close of the markets on the same day.

The conference call and question and answer period will reportedly be conducted by Miguel Martin, CEO, and Glen Ibbott, CFO. Investors can ask questions in advance via the conference call page, or they can ask questions once the conference call is live.