Marijuana Company Canopy Growth to Lay off 500 Employees
- 4 years ago
Marijuana Company Canopy Growth
to Lay off 500 Employees As far as market value,
Canopy is the biggest cannabis-based
business in the world. The downsizing is a result of two cultivation
facilities closing down in British Columbia. The sites represented over half of
the company's operations in Canada. The company will also slash
three million square feet of
greenhouses and halt plans
to open one in Ontario. In a statement, Canopy attributed the moves
to slow development of Canada's
recreational pot market. Canopy Growth, via statement Recreational marijuana is legal in Canada,
but many producers have not turned a
profit since it became official. This is due to the number of retail store
openings being less than expected,
which has led to oversupplying.
to Lay off 500 Employees As far as market value,
Canopy is the biggest cannabis-based
business in the world. The downsizing is a result of two cultivation
facilities closing down in British Columbia. The sites represented over half of
the company's operations in Canada. The company will also slash
three million square feet of
greenhouses and halt plans
to open one in Ontario. In a statement, Canopy attributed the moves
to slow development of Canada's
recreational pot market. Canopy Growth, via statement Recreational marijuana is legal in Canada,
but many producers have not turned a
profit since it became official. This is due to the number of retail store
openings being less than expected,
which has led to oversupplying.