Cannabis producer Canopy cutting 800 jobs, closing flagship Canadian facility
Canopy has been closing facilities across Canada for years after overbuilding production capacity – part of a yearslong building spree largely fueled by stock market exuberance
MJBizDaily (US)
Thursday, February 9, 2023
Thursday, February 9, 2023
Canadian cannabis producer Canopy Growth said it is closing its flagship cultivation facility in Smiths Falls, Ontario, and cutting more than a third of its workforce as part of a shift to an “asset-light model” in Canada. Canopy disclosed the new strategy as it reported a net loss of 267 million Canadian dollars ($200 million) for its fiscal third quarter, bringing the struggling company’s red ink in the first three quarters of the year to CA$2.6 billion. Canopy said it is cutting its workforce by approximately 35%. The layoffs come as cannabis companies across North America have been shedding hundreds of jobs and closing facilities because of failing business plans, falling wholesale prices and recession worries.
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