The Week In Cannabis: Corporate Turmoil, Mass Layoffs And Stocks In Red

It was a turbulent week, with both Tilray Inc (NASDAQ: TLRY) and Aurora Cannabis Inc (NYSE: ACB) announcing mass layoffs, each getting rid of approximately 10% of employees.

Tilray CEO Brendan Kennedy explained the move was part of a companywide restructuring focused on driving continued growth. “By reducing headcount and cost, Tilray will be better positioned to achieve profitability,” he said in a statement.

Aurora experienced an ever bigger shakeup, which included the retirement of its CEO Terry Booth, who will be replaced by interim CEO Michael Singer. Aurora also laid out a plan to increase the size of its board and a “business transformation plan” as it seeks to achieve positive EBITDA. These moves may signal an industry-wide issue, and an inevitable market correction. Read about it here.

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