Investors are bracing for more job cuts and writedowns at Canadian cannabis producers before the industry stabilizes and becomes profitable, after two of the biggest weed companies, Aurora Cannabis and Tilray announced cost reductions this week.
Many producers, including Canopy Growth , Aurora, Tilray and Aphria rapidly expanded at home and overseas as capital flooded into the industry before legalization. An Aurora spokeswoman said the company was making"aggressive changes" because its previous cost structure was"misaligned with the current market conditions". The cuts and existing financing will cover costs until it sees profits, she said.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »