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Canopy said the larger loss was driven primarily by non-cash, fair-value changes and an increase in asset impairment and restructuring costs.We apologize, but this video has failed to load.As a result of the measures announced Thursday, Canopy will take a pre-tax charge between $425 million to $525 million, but hopes to achieve savings between $140 and $160 million in the next 12 months.
The company will now complete post-production flower activity at 99 Lorne St., which is across the street from 1 Hershey and already has a regional distribution centre, bottling facility and beverage capabilities.Article contentCanopy 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.
Canopy’s transformation plan comes after years of Canadian pot companies slashing workforces and tightening operations in a bid to reach their long-awaited goal of profitability. 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.Article content
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Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy 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. Legalizing cannabis has caused so much damage to our country. Mental health issues and violence have skyrocketed. Every action = reaction. Consumers clearly weren't going to pay 12.00/gr. Top heavy always falls over. tradesecret Remember when Trudeau said legalizing pot would pay off his massive spending debts? 🤔
Source: CP24 - 🏆 30. / 67 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesBREAKING: 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. ottnews Very bad news for the people being laid off. That being said, less boof being grown by Canopy is net good news! 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. I guess these companies thought all Canadians were eager to smoke weed. Wrong.
Source: ctvottawa - 🏆 29. / 67 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesThe move is meant to help the company reach profitability and enable sustainable and long\u002Dterm growth, said Canopy Growth\u0027s chief executive. Well this legalization didn’t fair well. Guess illegal pot is cheaper Like I said from beginning, it will return to mom and pop growers. There is not enough profit for big business to sustain itself. Remember mom n pop can grow for much less/ LB. close em all.....stop selling to kids
Source: TheTorontoSun - 🏆 23. / 68 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesThe move is meant to help the company reach profitability and enable sustainable and long\u002Dterm growth, said Canopy Growth\u0027s chief executive.
Source: VancouverSun - 🏆 49. / 61 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy Growth is laying off 35 per cent of its workforce and closing its hallmark 1 Hershey facility in Smiths Falls, Ont. Read on.
Source: calgaryherald - 🏆 64. / 52 Read more »
Cannabis company Canopy Growth to lay off 800, close and consolidate some facilitiesCanopy 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. CanadaMisfitt Another Trudeau success story! Well, they can go work at tokyo_smoke … IF they’re vaccinated 😂 Didn't they get millions of dollars from Justin Trudeau ?
Source: TorontoStar - 🏆 60. / 55 Read more »