Canopy Growth is laying off 800 employees this year in a move that will also result in the closure of a key facility and streamlining of its operations.
The Canadian cannabis producer, based in Smith Falls, Ontario, said on Feb. 9 that the reduction represents 35 per cent of its total workforce, and will occur over the next few months.
CEO David Klein told The Canadian Press that the decision was made due to concerns about the company’s profitability and long-term growth.
“Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” said Klein.
The move comes a few months after Canopy Growth announced that it was cutting 55 jobs as it restructures its Canadian operations.
According to LinkedIn, the company currently employs more than 1,100 people.
The reduction at Canopy Growth comes amid a flurry of layoffs to kick off 2023.
Big names, including Alphabet, Dell, Best Buy, Hudson’s Bay, Microsoft, Amazon, and Salesforce, are scaling back their staffing levels as they continue to monitor market conditions.
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The following facilities will be affected by Canopy’s announcement:
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