Canadian cannabis producer Canopy Growth (WEED) has announced another restructuring program and staff layoffs designed to help it achieve profitability.
The Smiths Falls, Ontario-based company has appointed a new executive to head its Canadian operations, while also laying off 55 employees.
Canopy Growth said Dave Paterson will serve as president of its Canadian operations, and that it plans to treat all of Canada as a standalone business unit going forward.
The latest restructuring comes months after Canopy Growth announced plans to divest its Canadian retail operations in an effort to reduce losses and earn profits.
In October, Canopy Growth said that it is forming Canopy USA LLC, a new entity that will take the company’s U.S. investments, Acreage Holdings Inc., Jetty Extracts and Wana Brands, and exercise rights to acquire those companies.
The Canopy USA plans is subject to a shareholder vote in early 2023 and expected to close sometime in 2024.
Canopy Growth has posted a string of financial losses this year and its stock is down 57% year-to-date and trading at $4.86 per share.
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