Aurora Cannabis has closed the sale of its Aurora Polaris facility for gross proceeds of approximately $15 million. The announcement of the facility's closure came in August 2021 and is part of a series of efforts to cut costs and achieve profitability. At the time, Aurora announced that the closure would impact 8% of their global workforce.
This is not the only facility the Canadian cannabis company has closed in recent years, as they are hoping to better align supply with demand. In 2022, the cannabis company had already announced the closing of three facilities, including the Aurora Sky facility, where 13% of their workforce was employed.
After the Polaris sale, Aurora says it now has $320 million of cash and cash equivalents, including approximately $63 million of restricted cash. Recently, the company reported a net loss of CA$51.9 million for the first quarter of its 2023 fiscal year.
For more information: