Organigram To Layoff 220 Employees

Canadian cannabis producer Organigram Holdings OGI OGI has announced a round of layoffs.

The Moncton, Canada-based company confirmed a staff reduction of 25%. That's 220 employees.

Organigram currently has about 609 workers, from which 89 are on temporary layoff.

“These decisions are never easy to make, but we are committed to ensuring the Company is appropriately sized relative to market conditions," Organigram CEO Greg Enge said. "We are incredibly grateful for the commitment that our affected employees have made in helping build the Company that Organigram is today.”

Production Changes

The company expects to announce that its Moncton campus is not going to harvest as much weed as previously planned.

Organigram also announced that it was given permission to file its third-quarter financial report by July 21, as opposed to the original deadline, July 15.

Photo via unsplash

Posted In: layoffmarijuanaOrganigramCannabisEarningsNewsPenny StocksMovers & ShakersSmall BusinessMarketsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.