BUSINESS
10/02/2020 13:03 EDT

Alberta's Aurora Cannabis Handed Out Millions In Executive Pay Hikes After 1,000+ Layoffs

The company recorded $3.3 billion in losses for the 2020 fiscal year.

Brendan McDermid / Reuters
The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 8, 2019. REUTERS/Brendan McDermid

EDMONTON ― Aurora Cannabis Inc. handed out millions in compensation and salary increases to executives as the company was laying off at least 1,000 workers and reporting billions in losses.

The Edmonton-based cannabis company’s proxy circular released this week shows former chief executive Terry Booth was rewarded with $4.8 million in compensation in the company’s latest fiscal year, up from $2.4 million in the year prior.

Executive chairman and former interim chief executive Michael Singer earned about $2.8 million during the same period, up from his previous $2.1 million.

Watch: Cannabis takes back burner in first U.S. presidential debate. Story continues below.

 

Chief financial officer Glen Ibbott, former president Steve Dobler, chief operating officer Allan Cleiren and chief legal officer Jillian Swainson also saw their compensation rise.

The company said this month that it incurred $3.3 billion in losses in its 2020 fiscal year, including $1.86 billion in its latest quarter due to large impairment charges.

Aurora has also conducted several rounds of layoffs this year and closed a handful of its facilities as it restructures the company

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