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.
"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."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.
Canopy will also cease to source flower from its Mirabel, Que. facility, which is owned and operated through Les Serres Vert Cannabis Inc., a joint venture partnership between the company and Les Serres Stephane Bertrand Inc., a tomato greenhouse operator. As the company transitions its facilities and operations, it will work to balance in-house with third-party manufacturing by focusing internal capabilities on flower, pre-rolls, softgels and oils. It will rely on third-parties, when sourcing vapes, beverages, edibles and extracts.
Making the goal tough has been the strength of the illicit market, a slow move toward federal legalization in the U.S. and sales that have underwhelmed, when compared with lofty estimates some cannabis company executives first foresaw for the industry.The average price for cannabis was $11.78 per gram at the start of 2019, shortly after legalization, but fell to $7.50 per gram in 2021, a November report from Deloitte Canada and cannabis research firms Hifyre and BDSA said.
Real estate and Cannabis. . Canada's biggest industries getting hit at the same time in 2023.
i thought the economy was on fire. it seems like it is, but not the good kind.
How much money did they grift from the taxpayer?
Very sad news. Maybe Bruce Linton can come back and open a magic mushroom factory in the same location.
I am surprised this did not happen sooner. Not exactly the quality you would expect for those early to the game. I have yet to be impressed by any of the products provided. Horrible for those being laid off and yet seemingly another failed business venture for the factory.
I guess these companies thought all Canadians were eager to smoke weed. Wrong.
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.
Very bad news for the people being laid off. That being said, less boof being grown by Canopy is net good news!
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CP24 - 🏆 30. / 67 Read more »
Source: CanadiansInvest - 🏆 53. / 59 Read more »