The move is meant to help the company reach profitability and enable sustainable and long\u002Dterm growth, said Canopy Growth\u0027s chief executive.
“Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” he said in a statement to The Canadian Press.
Canopy said the larger loss was driven primarily by non-cash fair value changes and an increase in asset impairment and restructuring costs.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.Article content
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.Article content Making the goal tough to reach 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.Article contentThe 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.
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.
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy 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.
Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesBREAKING: 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
Read more »
Canopy Growth to lay off 800 workers, close and consolidate some facilitiesCanopy Growth is laying off 35 per cent of its workforce and closing its hallmark 1 Hershey facility in Smiths Falls, Ont. Read on.
Read more »
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 »