Canopy Growth Lays Off Another 200 Amid Restructuring
Marijuana producer Canopy Growth Corp. said that it had laid off another 200 people across Canada, the United Kingdom and the U.S. as part of its ongoing restructuring plans first announced in February.
The company has laid off or eliminated nearly 1,000 jobs thus far, including temporary COVID-19 related layoffs.
In a statement Canopy Chief Executive David Klein said, "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. For a long time Canopy has prioritized doing things first, but going forward we'll be focused on doing things the best in the markets and in the product formats that show the greatest promise."
The round of cuts follows the shutdown of two of the company’s large greenhouses and layoffs of about 500 employees last month.
Two weeks ago, the company announced it was taking steps to restructure its global operations, announcing it was selling off its operations in South Africa and Lethoso, shuttering its indoor cultivation facility in Saskatchewan, ending its hemp farming operations in New York, and closing its Colombia-based growing facility. Those changes led to the loss of about 85 full-time positions, nearly half of them from the Colombia operation.
CEO David Klein said that a “new vision” for the company will be revealed when it reports its quarterly earnings on May 29.
In February, about a month after he took over for longtime CEO and founder Bruce Linton, Klein alluded to “right-sizing” the business over 90 days.