BREAKING: 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. ottnews
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."Ahead of the call, Canopy said it will wind down operations at 1 Hershey Dr., a site in Smiths Falls, just south of Ottawa, where chocolate company Hershey once had a factory.
Canopy will also cease to source flower from its Mirabel, Que. facility, which is owned and operated through Les Serres Vert Cannabis Inc., a joint venture partnership between the company and Les Serres Stephane Bertrand Inc., a tomato greenhouse operator. As the company transitions its facilities and operations, it will work to balance in-house with third-party manufacturing by focusing internal capabilities on flower, pre-rolls, softgels and oils. It will rely on third-parties, when sourcing vapes, beverages, edibles and extracts.
Making the goal tough has been the strength of the illicit market, a slow move toward federal legalization in the U.S. and sales that have underwhelmed, when compared with lofty estimates some cannabis company executives first foresaw for the industry.The average price for cannabis was $11.78 per gram at the start of 2019, shortly after legalization, but fell to $7.50 per gram in 2021, a November report from Deloitte Canada and cannabis research firms Hifyre and BDSA said.
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