San Francisco (CNN Business) Another cannabis giant is shedding jobs, expenses and its CEO amid industry headwinds.

Aurora Cannabis, a Canadian cannabis company that invested heavily in global expansion, announced late Thursday a comprehensive "reset" of the firm that included the resignation of CEO Terry Booth, the elimination of about 500 jobs, a drastic scale-back of expenses, and a narrowed focus on core markets.

"We believe these are the right moves at the right time," Michael Singer, Aurora's executive chairman who was named interim CEO, said during a call with analysts. The company will search for a permanent chief executive, likely someone with consumer packaged goods experience, Singer said during the call.

Starting last summer, Aurora and other large cannabis firms saw their valuations hammered after newly legal cannabis markets, notably Canada, didn't grow as quickly as companies had hoped. In recent months, once overly bullish firms have tried to retrench — cutting jobs, axing deals and selling off assets in attempts to attain long-term viability.

In Aurora's call with analysts, "prudent" was a word frequently used by Singer and Chief Financial Officer Glen Ibbott to describe the company's efforts moving forward.

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