Aurora Cannabis speeds up cost-cutting plan after disappointing quarterly results

The Edmonton, Alberta-based company reported a $164.7M loss and says it aims to find $80M in savings.

Aurora Cannabis Inc. is on the hunt to make substantia savings after reporting a $164.7 million net loss in its latest quarter.

The Edmonton-based company announced a plan Thursday to accelerate between $60 million and $80 million in annualized cost efficiencies over the next twelve months, as its third-quarter loss topped the $139.3 million loss it reported in the same period last year.

Aurora said its plan will target production costs, facility and logistic expenses, organizational efficiencies and insurance and capital markets spending.

“We are not simply waiting the process out in anticipation of normalization followed by an eventual rebound,” Aurora’s chief executive Miguel Martin told analysts Thursday. “We are determined to continue pulling the levers that we can to reduce our cost structure and extract further efficiencies from our operations.”