Cannabis company Canopy Growth to lay off 800, close and consolidate some facilities

“Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” he said in a statement to The Canadian Press.

Canopy said the larger loss was driven primarily by non-cash fair value changes and an increase in asset impairment and restructuring costs.Net revenue for what was the third quarter of the company’s financial year totalled $101.2 million, down from $141.0 million a year earlier. 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 content

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.Article content Making the goal tough to reach 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.Article contentThe 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.

close em all.....stop selling to kids

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.

Well this legalization didn’t fair well. Guess illegal pot is cheaper

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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 »