Aurora cannabis Inc. (NYSE: ACB) decided to divest from Australia-based Cann Group.
Canadian cannabis company sold its 12% stake via off-market trades “to a small number of unnamed buyers” on Friday October 9th after the market closed.
Aurora is also selling its assets in Uruguay, according to MJ Biz Daily. Alejandro Antalich, the CEO overseeing the company’s South American operations, is leaving the company, the report continued.
Both developments follow Aurora’s fourth quarter earnings report released on Monday.
In the past fiscal year, the company lost over CA $ 3.3 billion ($ 2.5 billion).
Additionally, the impairment loss on the Cann Group position for the year was CA $ 37.2 million ($ 28.2 million). Last year the impairment loss was CA $ 18.2 million.
Aurora spokeswoman Michelle Lefler told cannabis news agency that they “continue to see growth potential in this important market and will have active relationships with key distributors to improve the availability of Aurora’s portfolio of leading, high-quality medical cannabis products.”
As part of its “Business Transformation Plan”, CEO Michael Singer recently stated that the company “has built the infrastructure and skills necessary to run a successful and diversified business.”
Singer was named to the role after serving as the company’s interim CEO for more than six months.
Lefler further stated that Aurora’s primary focus is on its “core markets,” including the medical and recreational market in Canada, the development of international medical markets, and the CBD market in the US, where the company debuted in May.
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