Market Overview

Canopy Growth Cuts Workforce At Niagara-on-the-Lake Operation In Ontario

Canopy Growth Cuts Workforce At Niagara-on-the-Lake Operation In Ontario

Canopy Growth Corp. (TSX: WEED) (NYSE: CGC), which laid off around 500 employees in March, opted to make additional cuts to its workforce.

The number of workers affected remained undisclosed.

The Smiths Falls, Ontario-based company dismissed "a number" of workers at its operation in Niagara-on-the-Lake, Ontario, as reported by Marijuana Business Daily.

It is a "part of the larger restructuring efforts outlined by the company earlier this year," explained company spokesperson Jordan Sinclair. He thanked the employees for their contributions, adding that "these decisions are never easy."

The news comes on the heels of Canopy's opening ten Tokyo Smoke and Tweed stores in Alberta.

Sinclair said they would update the company's staff count when disclosing their financial results in the months to come.

Canopy's Niagara-based facility, dubbed Tweed Farms, spans 1 million square feet and includes a hybrid greenhouse with cultivation and processing, as well as a GMP-certified area.

In February, the company agreed to lease Concession 5 Vineyard to Niagara College to be run by the NC Learning Enterprise Corporation.

Meanwhile, its latest earnings report revealed its revenue grow by 22% over the year to CA$110 million (US$82 million) in the first three months of fiscal 2021.

The company's CEO David Klein said they are implementing a "renewed corporate strategy" to position its business for "continued growth."

The company also made some changes to its executive team, by parting ways with Dave Bignioni and Andre Fernandez, who served as CCO and COO.

Courtesy image


Related Articles (CGC)

View Comments and Join the Discussion!

Posted-In: cannabis industry cannabis salesCannabis News Movers & Shakers General

Cannabis Movers