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Aurora Cannabis to lay off 700 staff, expects $60M charge, plans to close 5 facilities – Yahoo Canada Finance

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The symbol for Aurora Cannabis appears above a trading post on the floor of the New York Stock Exchange as the Canadian company lists on October 23, 2018. Aurora Cannabis Inc. says it incurred a loss in its second quarter that was fueled by the company taking a recent $1 billion writedown. The Edmonton-based cannabis business says in the period ended Dec. 31 its net revenue fell by 26 per cent to reach about $56 million, down from roughly $75 million in the prior quarter. THE CANADIAN PRESS/AP, Richard Drew
(THE CANADIAN PRESS)
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Aurora Cannabis (ACB.TO)(ACB) plans to close five facilities, lay off roughly 700 workers, and expects a $60 million charge in the coming quarter, the company said Tuesday.” data-reactid=”23″>Aurora Cannabis (ACB.TO)(ACB) plans to close five facilities, lay off roughly 700 workers, and expects a $60 million charge in the coming quarter, the company said Tuesday.

The Edmonton-based cannabis producer said the moves are part of its business transformation plan announced in February, which resulted in the loss of about 500 jobs at the time and a $1 billion writedown.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="An Aurora spokesperson confirmed to Yahoo Finance Canada that “approximately 700’&nbsp;workers will be laid off as a result of Tuesday’s announcement.” data-reactid=”25″>An Aurora spokesperson confirmed to Yahoo Finance Canada that “approximately 700’ workers will be laid off as a result of Tuesday’s announcement.

“These changes include an approximate 25 per cent reduction in Aurora’s (selling, general and administrative staff), most with immediate effect, and an approximate 30 per cent reduction in production staff over the next two quarters,” the company stated in a release.

Aurora said the recent retirement of president Steve Dobler was part of the company’s “corporate headcount rationalization.”

The five facilities slated for closure include Aurora Prairie (Saskatoon), Aurora Mountain (Cremona, Alta.), Aurora Ridge (Markham, Ont.), Aurora Vie (Pointe-Claire, Que.) and Aurora Eau (Lachute, Que.). The company said these sites are “smaller scale” facilities within its cultivation footprint.

As a result of the headcount reductions and facility shutdowns, the company expects to take an asset impairment charge of up to $60 million during the fourth quarter of 2020. The company also expects to record a charge of up to $140 million over the value of inventory, predominantly trim, “to align inventory on hand with near-term expectations for demand.” 

Trim refers to the excess leaves snipped from the buds of marijuana plants. The by-product is used to make extractions, tinctures, hash and edibles.

“This has not simply been a cost cutting exercise. We have undertaken a strategic realignment of our operations to protect Aurora’s position as a leader in key global cannabinoid markets, most notably Canada,” chief executive officer Michael Singer stated in the release.

“Both the Canadian facility rationalization and inventory revaluation are expected to improve gross margins and accelerate our ability to generate positive cash flow. We believe that we now have the right balance for the long-term success of Aurora.”

The company said it will consolidate production at its Aurora Sky (Edmonton), Aurora River (Bradford, Ont.), Whistler Pemberton (Pemberton, B.C.), and Polaris (Edmonton) facilities by the end of Q2 2021, while ramping up production at site in Denmark to service European medical markets.

Aurora is expected to report forth quarter 2020 financial results in early September.

Toronto-listed shares were up 1.78 per cent at 12:18 p.m. ET on Tuesday. The stock has fallen more than 84 per cent in the last 12 months.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.” data-reactid=”36″>Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Download the Yahoo Finance app, available for&nbsp;Apple&nbsp;and&nbsp;Android.” data-reactid=”37″>Download the Yahoo Finance app, available for Apple and Android.

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Why it took almost 10 months to collect this $100K windfall – SooToday

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Jose Lima’s summer just got a whole lot better after the retiree won $100,000 by matching six of seven Encore numbers on a Lotto 6/49 draw last fall.

It took nearly 10 full months for the 69-year-old to realize the win as the ticket in question was in the pocket of a jacket he had lent to a friend.

Full text of a news release issued today by OLG follows:

TORONTO – Saying “yes” to Encore paid off for Jose Lima of Sault Ste. Marie. Jose matched the last six of seven Encore numbers in exact order in the Sept. 28, 2019 Lotto 6/49 draw to win $100,000!

Jose, a 69-year-old retired electrician, had forgotten his ticket in a jacket that he had lent to a friend and only discovered it when the jacket was returned to him! When he checked his ticket at a retailer, the terminal froze. “I thought I had won $1,000. Then OLG called and the other customers in the store started to congratulate me,” he shared, while at the OLG Prize Centre in Toronto to pick up his cheque. “It wasn’t until the validation slip came out that I realized I had won $100,000,” he smiled.

After he found out about his win, the father and grandfather called his kids and didn’t tell anyone else.

Jose has since used his winnings to purchase a cottage where he can spend his leisure time and relax, unwind and spend his time boating.

“I feel wonderful. It’s something that happens once in a lifetime, if it ever happens at all,” he concluded.

The OLG Prize Centre in Toronto has resumed in-person prize claims for winning-ticket holders of $50,000 or more by-appointment only. To best protect customers and staff, OLG has put in place appropriate health and safety protocols in accordance with guidelines from public health officials, which include physical distancing measures, the mandatory use of personal protective equipment (PPE) and the pre-screening of visitors before granting entry. Currently, OLG is reaching out to major prize winners ($50,000+) who have been unable to claim their prizes due to COVID-19 to schedule appointments for in-person prize claims. In the coming weeks, OLG will open appointments to anyone wishing to claim their prize in-person at the Prize Centre.

Encore offers 22 ways to win and can be played in conjunction with most lottery games for an extra $1. There is an Encore draw every day.

The winning ticket was purchased at Stamping Grounds on Second Line in Sault Ste. Marie.

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$40 Could Be Magic Number for Some Oil Players – Rigzone News

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The $40 per barrel level for West Texas Intermediate crude oil could trigger an uptick in activity among some oil market players, an informed market-watcher told Rigzone. Keep reading to learn about what specific activity could be on the rise, along with other developments to watch for this week in the oil market.

Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: Large U.S. oil producers, such as ConocoPhillips, have announced that they will begin to bring back oil production that was shut-in due to lower prices. Look for mergers and acquisitions activity to start to increase if prices can stabilize at or above the $40 level. The “bottom-feeders” who have waited to buy really “cheap” assets will have to contend with higher valuations now.

Tom Curran, Senior Energy Services and Equipment Analyst in Equity Research, B. Riley FBR, Inc.: Come 1 p.m. Eastern time on each of the next two Fridays, our attention will be fixated on the Baker Hughes rig count site. The weekly U.S. active frac spread count troughed at 45 in mid-May, pivoted into an uptrend, surging by 33 units to 78 as of June 19, 2020, and has vacillated in the 70s since, according to Primary Vision. Given our industry recovery thesis – which is that operators would first restart shut-in production and increase DUC (drilled but uncompleted) well executions, then pick up new well drilling, which should see a slower rise than completion activity – we believe a definitive floor is imminent for the weekly Baker Hughes U.S. land drilling rig count. In fact, a bottoming process may already be underway. The count’s downtrend has significantly decelerated since early June. For the last three weekly measures, Baker has reported 255, 254 and 251.

Barani Krishnan, Senior Commodities Analyst at Investing.com: Expect all eyes to be on virus stats for the coming week or two. Regardless of what the Trump administration says or wants us to think, the pandemic will decide the course of oil demand and the economy – not the other way around.

To contact the author, email mveazey@rigzone.com.

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Corbeil man wins big money through Encore – BayToday

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Saying “yes” to ENCORE paid off for James Braund of Corbeil. Jim matched the last six of seven ENCORE numbers in exact order in the April 14, 2020 LOTTO MAX draw to win $100,000.

Jim, a 67-year old father and grandfather says he plays the same numbers regularly.

“I was at the gas station where I purchased my tickets and the terminal froze when the retailer scanned my ticket,” he shared, while at the OLG Prize Centre in Toronto to pick up his cheque.

“When I realized I won $100,000, I was so excited,” he smiled.

The retired public servant plans to take a family vacation with his kids and grandkids when the time is right. “My wife spent some time shopping today while I was here at OLG collecting my prize,” he remarked.

“This was amazing. You wake up in the morning to know you have an additional $100,000 in your bank account. It’s surreal,” he concluded.

The OLG Prize Centre in Toronto has resumed in-person prize claims for winning-ticket holders of $50,000 or more by-appointment only. 

The winning ticket was purchased at MacEwan on Highway 94 in Corbeil.

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