Canopy Growth is slashing about 250 jobs in the latest cost-cutting move for the cannabis giant
Canadian cannabis giant Canopy Growth is cutting 250 jobs effective immediately.Canopy Growth's stock has slipped over 43% this year.
A company spokesperson confirmed the job cuts over email and said that the cuts weren't centered in a specific department but rather across the organization. In a, Canopy said it would embark on cost-cutting initiatives in an effort to save CA$100 - $150 million over the next year to year-and-a-half.
"These necessary changes are being implemented to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company," Canopy Growth CEO David Klein said in the statement. , has presided over months of cost-cutting initiatives while the company has struggled to turn a profit.
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