It appears Canopy Growth Corp (TSX: WEED) (NYSE: CGC) is shutting down two of its BC-based cultivation operations. Originally leaked to the public by that of famed Twitter user @BettingBruiser, Global News has now evidently confirmed the news via discussions with former employees.
The closures include both that of the Aldergrove and Delta facilities, referred to collectively as BC Tweed, for the world’s largest cannabis firm. Employees were evidently notified yesterday of a big meeting to take place today, wherein they learned that they were all effectively terminated as a result of the shuttering of operations.
The closure of the two facilities is expected to impact approximately 300 jobs cumulatively, with the news following previous layoffs that have occurred across the sector at many giants, including Aurora Cannabis (TSX: ACB) and The Supreme Cannabis Company (TSX: FIRE). The layoffs have followed less than anticipated market demand for legal cannabis products within the country.
Canopy Growth has yet to confirm the news, or provide further information on just how many employees exactly are impacted by the closures or other job cuts.
Canopy Growth last traded at $23.89 on the TSX.
Information for this briefing was found via Sedar, Global News 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.