- Aurora Cannabis (NYSE:ACB) to shut some of its European operations, amid soft demand for medical pot, and hence consolidate its presence in the region, according to a memo obtained by BNN Bloomberg.
- The company said it will close its offices in Portugal, Spain, and Italy, and cut its workforce by 25% in select countries; the number of its European staff that will be impacted by the job losses, was not specified.
- The company will shift its European headquarters from Germany to its Denmark, and acquire the remaining 49% of its Danish business that it doesn't already own.
- As part of its restructuring, Mads Ulrik Pedersen the company's head of its Danish operations, will now be promoted to president of its entire European business, effective immediately; the company also said that it will continue to service its Italian operations where it has a two-year supply deal to provide with at least 400 kilograms of medical cannabis per year.