Supreme Cannabis Lays Off 15% of Workforce, Exits Certain International Markets

The Supreme Cannabis Company (TSX: FIRE) has laid off approximately 15% of its entire staff as the company looks to continue cost cutting measures it began early last month. The company at last count was believed to employ approximately 700 people.

The layoffs were alluded to the markets via Twitter earlier today, with founder and former executive of the company, John Fowler, commenting on Twitter that a number of employees had been laid off in the sector as of late. It’s believed that in total, approximately 100 people have been let go from the company as interim CEO Colin Moore looks to cut costs wherever possible while driving efficiencies in an attempt to support long term profitable growth.

The cuts themselves will impact corporate employees the most, where approximately 33% of the entire workforce has been let go as a result of the measures. The operational level has seen a staffing reduction of approximately 13% as well. Supreme as a result is reorganizing itself to a flatter corporate structure, wherein many processes are expected to be streamlined.

Additionally, Supreme Cannabis has also announced that it has exited its investment in Supreme Heights, which was the firms UK and European investment platform. It did so by exercising a retractable right to have its investment returned to the company. As a result Supreme remains exposed to international markets largely through its Lesotho investment.

Supreme Cannabis is expected to report its second quarter financial results after market close on Thursday, February 13, 2020. The company last traded at $0.44 on the TSX.


Information for this analysis was found via Sedar, The CSE and Supreme Cannabis. 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.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Supreme Cannabis Posts Revenues Of $11.9 Million In First Quarter Of Fiscal 2021

The Supreme Cannabis Company (TSX: FIRE) this evening announced its first quarter financial results for...

Monday, November 16, 2020, 05:53:54 PM

Canopy Growth Closes $259.5 Million Acquisition Of Supreme Cannabis

Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) has officially completed the previously announced acquisition of...

Wednesday, June 23, 2021, 07:20:29 AM

Supreme Cannabis Files For $9.75 Million ATM Offering

The Supreme Cannabis Company (TSX: FIRE) this afternoon filed paperwork with Sedar indicating that the...

Friday, April 24, 2020, 02:26:33 PM

Supreme Ships Truverra Product To Israel, Provides No Details

Supreme Cannabis (TSX: FIRE) has gone international. The company announced this morning that it has...

Thursday, April 2, 2020, 08:53:12 AM

Dhaliwal Departs Supreme Cannabis, Moore Named as Interim CEO

The Supreme Cannabis Company (TSX: FIRE) appears to have a slight leadership problem. Following the...

Monday, January 6, 2020, 08:26:36 AM