Tilray was the other major LP to announce layoffs this week, cutting 10% of its workforce of 1,443 across Canada, the US, Europe, and Australia.
BNN Bloomberg

  • CEO Brendan Kennedy said “reducing headcount and cost” will make Tilray “better positioned to achieve profitability.”
    Financial Post
  • Kennedy said Tilray would focus on international MED, domestic REC, science and research, and the hemp foods company Manitoba Harvest, which it acquired for $420M last year.

PI Financial analyst Jason Sandberg said, “I expect to see many [LPs] announce significant job cuts in the near future.”
Alberta Farm Express

  • Cowen analyst Vivien Azer called Tilray’s cuts a “logical response given the current state of the industry,” noting, “Both Canadian and international LPs have built up infrastructure levels that exceed current market demand.”
  • Various legacy-turned-legal operators offered sympathies and advice for those who lost their jobs, most encouraging them to join smaller and craft LPs.
    Twitter—Ryan Lee, Aaron W. Anderson, Mark Spear

Ernst Young strategic growth and risk leader and industry expert Ashley Chiu said, “A lot of cannabis companies should never have gone public to begin with. Reckless disregard and no respect for capital. We are going through a corrective period which hopefully brings the industry to a better place.”
Twitter—Ashley Chiu