Canopy Growth will lay off 800 workers as part of a transformation plan that will see the company close its facility in Smiths Falls, Ont., and consolidate some of its cultivation operations.
One Hershey, which has long been Canopy's headquarters, was the company's main site for flower and edibles production, but also housed office space.
Canopy previously purchased pot from the joint venture, but will cease that activity and now move to a more flexible sourcing strategy to ensure Quebec-grown products are brought to consumers in the province.Rounding out the facility changes will be the consolidation of cultivation at Canopy's sites in Kincardine, Ont., and Kelowna, B.C.
Staffing cuts to cultivation, manufacturing and other areas of operations will deliver $45 to $50 million in annualized cost of goods sold savings alone, said Judy Hong, the company's chief financial officer, on the same call as Klein.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.
The Ontario Cannabis Store said in March that the illicit market share is 43 per cent. As a result, the legal sector is forced to compete on price "out of necessity," Klein said.
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