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." 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. Rounding out the facility changes will be the consolidation of cultivation at Canopy's Kincardine, Ont., and Kelowna, B.C., sites.
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.
Canadian regulations on Cannabis suck. Huge monopolies suck. Legal cannabis sucks. Everyone who grow himself will tell you the difference in quality. Oh yes, promoting hi THC products also sucks. Blaming the gray market is pathetic. We predicted it in 2018. It was easy to guess.
Poor quality product, too big too fast, and the arrogance of being a bellweather for the industry. Craft is king. Told you to sell it at 65. Sad times from Canapy bag holders.
Market is oversaturated. Not that big a shock.
Let micro-gros supply local dispensaries.
Hilarious that pot companies cant seem to make money…better call Ricky, Julian and Bubbles for some advice.
Next is a construction, home builders investors. They are leaving Canada to Costa Rica and Portugal. Thousand of Canadians will lose trade's jobs and no new homes for million of newcomers. Yaay Trudeau!
Imagine putting over 50% in taxes on pot and pricing yourself out of competition with the black market. Only a mismanaged government would fumble the bag that high-school kids sell.
I am so proud of myself and my husband that Trudeau didn't steal one penny from our pockets. We don't use any weeds. None.
FYI:
Because your weed isn't worth buying. Period.
Someone's stock price is going up next quarter!
More TFW's heading home?
street2legal
Shocking , nobody wants weak ass overpriced government weed.
Laying off 800 people, what are they smoking up there
Most people aren’t interested in being stoned.
Canopy weed sucks
Sponsored by the Canadian Federal govt...what a disaster that could have been a bonanza
Up In Smoke!
Remember when Trudeau said legalizing pot would pay off his massive spending debts? 🤔
Every action = reaction. Consumers clearly weren't going to pay 12.00/gr. Top heavy always falls over. tradesecret
Legalizing cannabis has caused so much damage to our country. Mental health issues and violence have skyrocketed.