NEWS BRIEF

Canopy confirms layoffs at Niagara-on-the-Lake cannabis facility

Cannabis producer Canopy Growth has implemented more layoffs, this time at its operation in Niagara-on-the-Lake, Ontario, the company confirmed.

“Canopy Growth did conduct a number of layoffs in Niagara-on-the-Lake as a part of the larger restructuring efforts outlined by the company earlier this year,” said Jordan Sinclair, vice president of communications for the Smiths Falls, Ontario-based company.

Earlier this summer, Canopy said it decreased its staff by more than 18% since the beginning of 2019.

“These decisions are never easy, and we want to thank the employees affected for the contributions they made to Canopy,” Sinclair said.

“We’ll update the company’s employee count when we report our financial results later in the fall.”

Canopy declined to confirm the number of employees involved.

The company reported a net loss of more than 128 million Canadian dollars ($95.7 million) in the first quarter of its fiscal year.

The company’s wholly owned, 1 million-square-foot facility in Niagara, called Tweed Farms, consists of a hybrid greenhouse with cultivation and post-harvest processing as well as a GMP-certified area.

Canopy’s shares trade as CGC on the New York Stock Exchange and WEED on the Toronto Stock Exchange.

Latest Headlines

Leave a Reply

Your email address will not be published. Required fields are marked *