Aurora moved from its stock listing from the NYSE to NASDAQ this week as part of its cost-cutting and right-sizing plans, according to a press release. The primary $ACB listing will stay on the Toronto Stock Exchange.
Follow the leader
The move to NASDAQ comes after both Canopy Growth and Aphria (pre-Tilray merger) made the same transition last year.
Also, like the company’s competition, it’s been a tough year of layoffs, cultivation facility closures and disappointing revenues: Aurora lost a stomach-lurching $1.2 billion in nine months of its fiscal year, according to Marijuana Business Daily.
Sales continue to be shaky. Among the top-selling 10 flower and edibles products in BC, Alberta and Ontario, for example — a total of 60 possible SKUs — Aurora brands only have three SKUs in the mix, according to Headset.
From plants to patents
CEO Miguel Martin talked recently about the company’s focus sharpening on genetics and patents, and so it makes sense that they also launched a new division called the Science & Innovation group.
“As global cannabis regulations evolve, we believe cannabinoid molecules, including minor cannabinoids, will be incredibly important,” Martin said in a statement. “Today, Aurora’s Reliva business in the U.S. sells products that use CBD isolate, and we are deeply interested in the evolution of other cannabinoids and the ability to commercialize them.”