Aurora Cannabis announces layoffs and closings of facilities

Cannabis Aurora (ACB) – Get report Shares rose Tuesday when the marijuana company announced it would lay off about 700 workers, close five production facilities and charge $ 60 million for the quarter ending June 30.

Regarding the layoffs, Aurora said in a statement that there will be “an approximate 25% reduction in Aurora’s general and administrative expenses [selling, general and administrative] staff, most with immediate effect, and an approximate 30% reduction in production staff over the next two quarters. “

It means about 700 workers, the company said.