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Wednesday, March 22, 2023

Canopy Growth to close its Ontario headquarters and lay off 60% of employees

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As a result of the Smiths Falls closure, the company is exiting the cultivation of cannabis flower at its Ontario facility. It will also stop sourcing cannabis flower from Mirabel’s facility in Quebec, and switch to an outside-source model for cannabis beverages, foods, vapors, and extracts.

The moves follow Canopy’s exit from the Canadian retail market and the closure of its Scarborough-based research facility. The company reported that it expects to generate savings of up to $160 million over the next 12 months.

“The curtain must be up to profitability to achieve our ambition to lead the North American cannabis market in the long term. We are shifting our Canadian business to an asset-light model and significantly reducing the overall size of our organization. These changes are challenging but challenging,” said David Klein, CEO of Canopy. necessary to drive our business towards profitability and growth.”

The company reported a loss of $2.1 billion in the first quarter

Read the full article at ab growth


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