Terry Booth can’t help but admit he’s a symbol of the carnage he forecast would happen to the cannabis industry only a few months ago.
“I guess I'm the latest carnage,” he told BNN Bloomberg by phone with a laugh a day after Aurora Cannabis Inc. announced he would step down as chief executive officer of the pot giant he founded about seven years ago.
“When I was talking about carnage before, I was talking about companies that aren't going to make it,” Booth explained in a more serious tone. “You can't grow cannabis for less than the price we are selling for.”
Booth admitted the departure comes as demand for cannabis in the Canadian recreational market wasn’t what he or Aurora expected. After a tough year-and-a-half since legalization, the Edmonton-based company provided a sweeping corporate update last week, culminating with the company's disappointing second-quarter results on Thursday.
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