Cannabis company Canopy Growth to lay off 800, close and consolidate some facilities
CTV
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.
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.
The Smiths Falls, Ont. cannabis company said Thursday that the layoff will impact 35 per cent of its workforce and take place over the next several months.
The move is meant to help the company reach profitability and enable sustainable and long-term growth, said David Klein, Canopy Growth's chief executive.
"Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership," he said, in a statement to The Canadian Press.
"We are transforming our Canadian business to an asset-light model and significantly reducing the overall size of our organization. These changes are difficult but necessary to drive our business to profitability and growth."
Canopy was due to release its third-quarter earnings and host a call with analysts Thursday morning.
Ahead of the call, Canopy said it will wind down operations at 1 Hershey Dr., a site in Smiths Falls, just south of Ottawa, where chocolate company Hershey once had a factory.
