Canopy Growth Pulls Out of Cultivation Operations in Five Countries
MJBiz Daily reports that Canopy Growth has announced ceasing operations in cannabis cultivations on three continents – North America, South America, and Africa. Europe will not be affected at this time, but other areas will experience workforce downsizing. Countries affected are Canada, the United States, South Africa, Columbia, and Lesotho, where Canopy Growth entered the market in May 2018.
According to a news release, the announcement is tied to the expectation of an $800 million (CAD) hit in Canopy’s fourth quarter earnings. In addition to Canopy Growth ceasing operations in five countries on three continents they will also eliminate 85 full-time positions, most of which will take place in Columbia. The cultivation facilities being downsized include the closure of another Canadian grow facility, located in Yorkton, Saskatchewan, and their Springfield, New York farming operation in the U.S.