48North Cannabis Lays Off 20% of Staff, Cuts Outdoor Growing Facility

Article by CTV News

48North Cannabis Corp. will lay off about 20 per cent of its staff as it ends outdoor cultivation at an Ontario facility.

The cannabis company’s CEO Charles Vennat says the layoff impacts about 26 staff and comes as 48North immediately ceases operations at its Good Farm outdoor cultivation facility in Brant County, west of Hamilton.

The company described the closure as an important step toward profitability and when coupled with decreasing its cash use, said it will result in annualized savings of at least $5 million.

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