Canopy Growth announces plans to lay off 800, close and consolidate some facilities, including Smith Falls
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.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Canopy also reported Thursday its net loss amounted to $266.7 million or 54 cents per diluted share for the quarter ended Dec. 31. The result compared with a net loss of $115.5 million or 28 cents per diluted share in the same quarter a year earlier.Article content 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.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.
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