Canopy once again announced cuts (during a large Zoom meeting, some said) laying off 200 employees across Canada, the U.S., and U.K. Among those 200 were 44 employees at the company’s Smiths Falls, Ontario headquarters.
BNN Bloomberg, Yahoo Finance, Bloomberg, Twitter–@ChimeraGenetics, CTV News
- CEO David Klein said the cuts were part of a “new vision” to slim down the company, explaining Canopy had traditionally “prioritized doing things first, but going forward we’ll be focused on doing things the best.” (One commentator noted, “Speed and Quality are diametrically opposed, this is a tough pivot.”)
MJ Biz Daily, Twitter–@WhatsMyPot - The most recent cuts followed closures to multiple Canopy facilities in Saskatchewan, New York State, Columbia, and Africa, as well as 85 layoffs, which the company announced three weeks ago.
MJ Biz Daily - Prior to those cuts, the company closed two greenhouses in BC in early March, laying off 500.
MJ Biz Daily
Two days later, Canopy’s major shareholder Constellation Brands exercised warrants to buy more shares in the company, bringing its ownership stake in Canopy up to 38.6%. The investment amounted to roughly $245M.
NewsWire, MJ Biz Daily, Financial Post, Twitter–@_DeepakAnand
- Constellation holds enough warrants and senior notes that it could increase its ownership of Canopy to roughly 55%.
Investors Business Daily - Analysts encouraged investors to buy Canopy.
Barron’s
