Smiths Falls, Ont.-based Canopy Growth reported a net loss of $1.3 billion for its fourth quarter, according to a news release issued on Friday.
Management attributed the loss to “asset impairment and restructuring costs.” In March, the company laid off 500 employees and closed two of its largest greenhouses. This was followed by another mass layoff at the end of April, when Canopy eliminated 200 positions in Canada, the U.S. and the U.K. “I am excited to implement our strategy reset and organization redesign over the course of fiscal 2021,” said CEO David Klein, who took over for former CEO Bruce Linton in December. “We have a renewed strategic focus and a clear change agenda that is already underway. We are building what we believe is the best cannabis company in the world by putting the consumer at the heart of everything we do and are re-aligning our organization to be faster and more agile.
TheGrowthOp Because most of us still buy from the same person as before legalization. The government tried to shut down he black market and failed.
TheGrowthOp Canopy should hire Cheech and Chong. They ran a good business.
TheGrowthOp How do you end up losing money producing and selling dope?
TheGrowthOp Only Poutine could legalize his favorite hobby, with the most lucrative potential since alcohol, and rush it due to fear of not getting reelected, that he drives it into the ground with sheer incompetent bureaucracy...