Canopy Growth Corporation was forced to announce cost-cutting measures in order to reach profitability. The company will release 500 jobs and close two facilities. It is another one of the publicly traded growing companies to do so. The market has been down because supply has out-paced demand also dispensaries have not opened as quickly as most thought they would.
The cannabis industry in Canada and in the US continues to reel as another one of the publicly traded firms announced cost-cutting measures.
Canopy Growth Corporation announced the closing of two facilities and that they would cut 500 jobs.
CEO, David Klein, said that the move was to help focus on, “aligning resources to the needs of our consumers.”
Quote: “After the market closed Wednesday, Canada’s Canopy Growth Corporation (TSX:WEED, NYSE: CGC), the world’s largest cannabis company by market cap, announced plans to shutter two cultivation facilities and cut 500 jobs. ” (Furnari, 2020)
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