Canopy Growth to Close Five Facilities, Cut 220

Article by Toronto.com

Home / News / Business / Canopy Growth To Close Five Facilities,... Canopy Growth to close five facilities, cut 220 NEWS Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth's Tweed facility in Smiths Falls, Ont., Thursday, Aug. 23, 2018. Canopy Growth Corp. says it is ceasing operating at five facilities across the country and laying off 220 workers. THE Sean Kilpatrick

Canopy Growth Corp. says it is ceasing operating at five facilities across the country and laying off more than 200 workers.

The Smiths Falls, Ont-based cannabis company says it will end operations at sites in St. John’s, Fredericton, Edmonton, Bowmanville, Ont. and at an outdoor grow facility in Saskatchewan.

The company says about 220 employees will be impacted by the closures.

Canopy chief executive David Klein says the moves will help save between $150 million and $200 million and accelerate the company’s path to profitability.

He also says Canopy will record pre-tax charges between $350 million and $400 million in the third and fourth quarters of its fiscal 2021.

According to Klein, the production site cuts impact about 17 per cent of the company’s enclosed facilities in Canada and 100 per cent of its outdoor sites.

“We are confident that our remaining sites will be able to produce the quantity and quality of cannabis required to meet current and future demand,” he said in statement.

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