Canopy Growth announced it was closing cultivation facilities “across the world.” This round of cuts affects its Tweed Grasslands greenhouse in Yorkton, Saskatchewan, and facilities in New York State, Africa, and Colombia. The move cut 85 full-time positions (six of which were in Yorkton).
New Cannabis Ventures, CBC News, MJ Biz Daily, BNN Bloomberg
- The company closed its Springfield, New York state hemp farm, saying it produced overstock in 2019.
Hemp Industry Daily - Canopy will cease cultivation at the Colombia facility and is also working to exit operations in South Africa and Lesotho.
Yahoo Financial - Canopy said it expected to record a charge of up to $800M for the quarter ending March 31.
Marketwatch
The news broke six weeks after Canopy shuttered two greenhouses in BC, laying off 500 workers.
MJ Biz Daily, Vice
- The combined set of closures amounts to a dramatic reversal of ousted Canopy co-founder Bruce Linton’s sprawling plans for the company.
Financial Post
