Canopy Growth Corp (TSX: WEED) (NYSE: CGC) is laying off an additional 200 employees as per a report filed today by that of BNN Bloomberg. The layoffs will occur across Canada, the US and the United Kingdom as the firm looks to further reduce its operating expenses.
While the company did not identify which departments would be facing the employee reductions, Bloomberg’s sources have indicated that a large portion of the cuts would be centered on the firms marketing department. It’s unclear what the breakdown looks like on a country by country basis.
The latest round of layoffs brings the total employee reduction count to approximately 985 over the last several months as the company looks to rightsize its operations. The previous round of cuts involved 85 people across several different divisions, including operations local to Saskatchewan. Layoffs also occurred across the firms retail division due to the ongoing coronavirus pandemic, with 200 employees seeing their employment temporarily halted.
Canopy Growth last traded at $17.11 on the NYSE.
Information for this briefing was found via Sedar, Bloomberg and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.