Canopy Growth is laying off another 200 employees at its facilities in Canada, the U.S., and the United Kingdom, Yahoo Finance Canada reports. The company did not indicate which departments the cuts are coming from.
The round of cuts follows the shutdown of two of the company’s large greenhouses and layoffs of about 500 employees last month. The firm also laid off 200 retail employees recently – albeit temporarily – amid the coronavirus pandemic, according to the report. Two weeks ago, the company announced it was taking steps to restructure its global operations, announcing it was selling off its operations in South Africa and Lethoso, shuttering its indoor cultivation facility in Saskatchewan, ending its hemp farming operations in New York, and closing its Colombia-based growing facility. Those changes led to the loss of about 85 full-time positions, nearly half of them from the Colombia operation.
CEO David Klein told Yahoo that a “new vision” for the company will be revealed when it reports its quarterly earnings on May 29.
“Although difficult, the decisions that have been made over the last few months are to allow Canopy Growth to remain focused on the areas where we are winning and ensure that we are delivering the highest quality products to our consumers in every market where we operate.” – Klein in a statement to Yahoo
In February, about a month after he took over for longtime CEO and founder Bruce Linton, Klein alluded to “right-sizing” the business over 90 days.
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Original Source: Canopy Growth Lays Off 200 More Employees
Content Credits: Originally written by TG Branfalt and published to Ganjaprenuer.com on 2020-04-30 15:33:41.