200 More Layoffs at Canopy Growth
As we reported previously, Canopy Growth, a Canada-based cannabis company, closed tow Canadian greenhouse facilities in March, which resulted in the layoff of 500 employees. We also reported the company’s selling off cultivation assets in several countries around the globe. Now, according to a report in Cannabis Dispensary Magazine, Canopy is laying off an additional 200 employees. The company says the layoffs are necessary to slow its monthly cash burn.
Canopy CEO, David Klein is quoted by Yahoo Finance Canada as saying, “Although difficult, the decisions that have been made over the last few months are to allow Canopy Growth to remain focused on the areas where we are winning and ensure that we are delivering the highest quality products to our consumers in every market where we operate.” The company says a major factor in their financial troubles has to do with the slow roll-out of Canada’s adult-use cannabis program.