Canopy Growth Corp. will lay off 800 workers as part of a transformation plan that will see the company close its hallmark 1 Hershey facility and consolidate some of its cultivation operations.
The Smiths Falls, Ont., cannabis company said Thursday that the layoff will impact 35 per cent of its workforce and take place over the next several months.
"We are transforming our Canadian business to an asset-light model and significantly reducing the overall size of our organization. These changes are difficult but necessary to drive our business to profitability and growth." Net revenue for what was the third quarter of the company's financial year totalled $101.2 million, down from $141.0 million a year earlier.
The company will now complete post-production flower activity at 99 Lorne St., which is across the street from 1 Hershey and already has a regional distribution centre, bottling facility and beverage capabilities. Rounding out the facility changes will be the consolidation of cultivation at Canopy's Kincardine, Ont., and Kelowna, B.C., sites.
Canopy's transformation plan comes after years of Canadian pot companies slashing workforces and tightening operations in a bid to reach their long-awaited goal of profitability.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canopy Growth restructures Canadian operations, to lay off 800 in latest cost-cutting move - BNN BloombergCanopy Growth is planning to restructure its Canadian cannabis operations, which will see the departure of more than one-third of its workforce while shrinking its cultivation and production businesses in its latest attempt to cut costs and seek profitability.
Read more »
Canopy Growth to lay off 800 workers, wind down main Smiths Falls facility | Globalnews.caThe Smiths Falls, Ont. cannabis company said Thursday that the layoff will impact 35 per cent of its workforce and take place over the next several months.
Read more »
Calgary driver charged with cannabis-impaired driving during single-vehicle fatal collision - Calgary | Globalnews.caA Calgary man has been charged with driving while impaired with cannabis in a single-vehicle collision that resulted in the death of a 24-year-old woman.
Read more »
Driver charged with cannabis impairment after passenger is run overAs the driver attempted a u\u002Dturn on a Calgary street, the passenger fell out of the car and was run over, according to police
Read more »
Driver charged with cannabis impairment after passenger is run overAs the driver attempted a u\u002Dturn on a Calgary street, the passenger fell out of the car and was run over, according to police
Read more »
Tiff Macklem: Slowing growth a 'good thing' when economy is overheated - BNN BloombergBank of Canada governor Tiff Macklem says that although a slowing economy may not seem like a good thing, it is when the economy is overheated.
Read more »