Canopy Growth Corp. (TSX:WEED) is undertaking a new round of layoffs.
The Smiths Falls, Ontario-based company has announced that it is laying off 200 people in its Canadian, U.K. and U.S. operations as part of a new round of cost cutting. The latest workforce reduction comes on top of previous layoff announcements that were part of a broad strategy that began after Canopy's new chief executive officer, David Klein, took the helm of Canada’s largest cannabis producer in January.
In a news release, Canopy Growth didn't specify which departments would be subject to staff reductions, but media reports said a significant number of jobs will be eliminated from the company's marketing department. Earlier this month, Canopy Growth said it would lay off 85 staff members as part of a plan to pare some of its global operations in Africa, South America and the U.S.
The company previously said it would temporarily lay off 200 retail staff due to COVID-19 this month and closed two large British Columbia greenhouses in March, which reduced its workforce by a total of 500 staff. Canopy Growth will report its next quarterly results on May 29 and has said it expects to book impairment charges ranging between $700 million to $800 million in the quarter.
