Cannabis producer Canopy cutting 800 jobs, closing flagship Canadian facility

(This is a developing story and will be updated.)

Canadian cannabis producer Canopy Growth said Thursday it is closing its flagship cultivation facility in Smiths Falls, Ontario, and cutting more a third of its workforce as part of a shift to an “asset-light model” in Canada.

Canopy disclosed the new strategy when it reported a third-quarter net loss of 267 million Canadian dollars ($200 million), bringing the company’s red ink in the first three quarters of the year to CA$2.6 billion.

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Canopy said it is cutting its workforce by approximately 35%, including 800 positions impacted by Thursday’s announcement.

Forty percent, or roughly 300 positions, were terminated effective immediately, a spokesperson told MJBizDaily via email.

The layoffs come as cannabis companies across North America have been shedding hundreds of jobs and closing facilities because of falling wholesale marijuana prices, recession worries and cash-strapped consumers keeping a tighter

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(This is a developing story and will be updated.) Canadian cannabis producer Canopy Growth said Thursday it is closing its… Continue reading
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