Canopy Development Corp. is cutting 200 jobs in Canada, the U.S. and the U.K. as part of an internal restructuring of several departments, the business said in an email.
Chief Executive Officer David Klein stated in February that task cuts were one of numerous alternatives he was assessing as he worked to lower expenses across the cannabis company. Canopy closed two centers in British Columbia in early March, eliminating 500 positions, and revealed a number of changes earlier this month, including the closure of an indoor growing facility in Saskatchewan and the cessation of farming operations in New york city.
The latest cuts represent about 5 percent of its overall labor force of 4,118 The majority of affected workers are in Canada.
” For a long period of time Canopy has actually prioritized doing things first, however going forward we’ll be focused on doing things the best in the markets and in the item formats that reveal the greatest promise,” Klein said in an emailed declaration.
Canopy’s stock is down 66 percent over the past 12 months as it’s had a hard time to decrease expenses and make a profit. Klein was employed from Constellation Brands Inc., Canopy’s largest shareholder, in December to assist turn things around.
The company will release more details when it reports incomes on May 29.