Aurora Cannabis aims to further reduce costs on the path to profitability
Three years after legalization in Canada, companies are still losing money.

Aurora Cannabis (NASDAQ: ACB) Inc.'s chief executive, Miguel Martin, expects the company to be profitable on a core basis in the first half of 2023, backed by cost savings of C $ 60-80 million.
More than three years after cannabis for recreational use was legalized in Canada, most large producers continue to suffer losses as the number of retail stores is fewer than expected, prices are cheaper on the black market, and overseas growth slows.
Aurora said last week it would shut down a facility in Edmonton, Alberta, without disclosing the number of employees who will be affected by the move.
"We absolutely have the right infrastructure and the right workforce so that we cannot foresee anything in the short term," Martin told Reuters when asked whether the company was planning to lay off additional employees or to close plants as part of the cost-saving strategy.
The company's shares rose 6.2% to $ 8.58.
Martin said Monday the additional cost savings would "pave the way to positive adjusted EBITDA for the first half of the next fiscal year, even if sales remained at the fourth quarter of fiscal 2021 levels."
The company missed fourth quarter revenue expectations and announced a higher-than-expected quarterly loss on Monday.





