Aurora Cannabis (NASDAQ: ACB) will commence trading on the Nasdaq Global Select Market on May 25, 2021.
The Canadian cannabis giant confirmed Monday it has finalized the transfer of its stock exchange listing to NASDAQ from NYSE, as part of its business transformation plan and cost efficiency initiatives, which the company announced last year.
Taking a look at the past year, there is no doubt it was a turbulent one for the cannabis industry. And while other industries felt the negative effects of the global pandemic, cannabis-related companies managed to remain on relatively firm footing as dispensaries and pot shops were declared essential services in many states and permitted to function amid the crisis.
Nevertheless, some businesses in the space experienced challenges, such as having to cut their workforce.
Then again, others were hiring.
The rollercoaster ride continued
In 2020 five U.S. states ushered in cannabis legalization though the much anticipated legalization in Mexico this year failed to meet a Supreme Court deadline. Cannabis advocates are not giving up. They're now pushing for a special session in the hope of creating the world's largest legal cannabis market.
With the many consolidations that took place in the industry lately – the largest being the recently completed Aphria, Inc.-Tilray (NASDAQ: TLRY) merger – Benzinga was interested to learn what this period would bring for Aurora and what the company’s plans were for this year. Is it also considering a merger? We reached out to the company’s CEO, Miguel Martin who filled us in on its business transformation plan.
Improving Balance Sheet
In 2020, Aurora laid off more than 1200 of its employees, and in January of this year, following its deal with Great North Distributors, 200 more workers got pink slips. Regarding the 2020 layoffs, the company cited an effort to improve its balance sheet.
Martin explained that Aurora made “tough yet necessary decisions” in order to get the company …