The Smiths Falls, Ont., cannabis company said Thursday that the layoff will impact 35 per cent of its workforce, with 40 per cent of the cuts happening immediately and the remainder taking place over the next several months.
Canopy said the larger loss was driven primarily by non-cash, fair-value changes and an increase in asset impairment and restructuring costs.As a result of the measures announced Thursday, Canopy will take a pre-tax charge between $425 million to $525 million, but hopes to achieve savings between $140 and $160 million in the next 12 months.
The company will now complete post-production flower activity at 99 Lorne St., which is across the street from 1 Hershey and already has a regional distribution centre, bottling facility and beverage capabilities. The final part of the changes comes in the form of a partnership with Quebec-based EXKA, which holds the world’s largest cannabis library. The company will now manage Canopy’s genetics program, ensuring Canopy can preserve its investments in genetics but also receive optimized strains and new cultivars.
“The unregulated, illicit market is generating billions of dollars of dollars of revenue with 40 per cent of market share and faces virtually no risk of enforcement.”As a result, the legal sector is forced to compete on price “out of necessity,” he said.
Bruce Linton created an overvalued crap company that manufactures lower quality products. They will still fall further. Nothing about their business is appealing to customers. All they did was make bad decisions in pursuit of a higher valuation. Case study for failed business
Didn't they get millions of dollars from Justin Trudeau ?
Well, they can go work at tokyo_smoke … IF they’re vaccinated 😂
CanadaMisfitt Another Trudeau success story!
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Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy Growth Corp. will lay off 800 workers as part of a transformation plan that will see the company close its hallmark 1 Hershey facility and consolidate some of its cultivation operations. Legalizing cannabis has caused so much damage to our country. Mental health issues and violence have skyrocketed. Every action = reaction. Consumers clearly weren't going to pay 12.00/gr. Top heavy always falls over. tradesecret Remember when Trudeau said legalizing pot would pay off his massive spending debts? 🤔
Source: CP24 - 🏆 30. / 67 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesBREAKING: Canopy Growth Corp. will lay off 800 workers as part of a transformation plan that will see the company close its hallmark 1 Hershey facility and consolidate some of its cultivation operations. ottnews Very bad news for the people being laid off. That being said, less boof being grown by Canopy is net good news! A huge issue facing down the cannabis industry in Canada is the weird restrictions in place on how much can be supplied in what form. For example. 10mg of cannabis per edible package makes almost no sense. It's not only costly and not competitive, it's wasteful. I guess these companies thought all Canadians were eager to smoke weed. Wrong.
Source: ctvottawa - 🏆 29. / 67 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesThe move is meant to help the company reach profitability and enable sustainable and long\u002Dterm growth, said Canopy Growth\u0027s chief executive. Well this legalization didn’t fair well. Guess illegal pot is cheaper Like I said from beginning, it will return to mom and pop growers. There is not enough profit for big business to sustain itself. Remember mom n pop can grow for much less/ LB. close em all.....stop selling to kids
Source: TheTorontoSun - 🏆 23. / 68 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesThe move is meant to help the company reach profitability and enable sustainable and long\u002Dterm growth, said Canopy Growth\u0027s chief executive.
Source: VancouverSun - 🏆 49. / 61 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy Growth is laying off 35 per cent of its workforce and closing its hallmark 1 Hershey facility in Smiths Falls, Ont. Read on.
Source: calgaryherald - 🏆 64. / 52 Read more »
Canopy Growth to close Smiths Falls operation, lay off 800, close and consolidate other facilitiesCanopy Growth Corp. will lay off 800 workers as part of a transformation plan that will see the company close its hallmark 1 Hershey facility and consolidate… Remember when we thought JT opened an industry to Canada but then it all collapsed and failed with zero profitability to be made in Canada?
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