Canopy Growth is laying off 35 per cent of its workforce and closing its hallmark 1 Hershey facility in Smiths Falls, Ont. Read on.
“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.
Staff work in a marijuana grow room that can be viewed at the visitors centre at a Canopy Growth facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018.Canopy said the larger loss was driven primarily by non-cash fair value changes and an increase in asset impairment and restructuring costs. 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.
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