Cannabis producer Canopy Growth Corp. (TSX:WEED) is laying off 75 people in Canada and may cut dozens of additional positions in Denmark as the company cuts costs across its operations.
The restructuring in Canopy Growth’s home market took immediate effect, with 75 people let go in North America. Most of the impacted workers were employed at Canopy's headquarters in Smiths Falls, Ontario.
About 60 additional employees could be impacted by the company's plan to wind down operations at its production facility in Denmark. Additionally, Jens Markussen, who had served as head of Canopy Growth’s Denmark operations, has left the company.
The latest round of layoffs concludes the final review of the Canopy Growth’s operations by Chief Executive Officer David Klein. His review commenced a year ago and led to the departure of approximately 1,000 staff worldwide while shutting down a number of Canadian and U.S. production facilities as part of a plan to reduce global operations.
Canopy Growth plans to continue supplying the European medical cannabis market — in particular Germany, where a subsidiary will distribute marijuana produced in Canopy’s Canadian facilities.
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