Canopy Growth Corporation announced its financial results today for the third quarter ending December 31st.
It also announced significant changes to its Canadian cannabis business.
As part of this it is exiting the cannabis flower cultivation in the company’s Smith Falls facility, and its Mirabel, Quebec facility and moving into 3rd party sourcing.
The headcount at Canopy is being reduced by 60% which translates to 800 positions, of which 40% are impacted immediately. Reports are locally this has meant 73 positions impacted.
The company expects the changes to result in a combined savings of $140 to 160 million dollars over the next 12 months.
For full details of the announcement you can find the link below.
