Canopy Growth to Lay Off 500 Employees, Close Greenhouses, Take $700-$800M Writedown

Article by CP24

Canopy Growth to lay off 500 employees, close greenhouses, take $700-$800M writedown Workers produce medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on Monday, Feb. 12, 2018. Sean Kilpatrick)

Canopy Growth Corp. says it is laying off 500 employees and closing its greenhouses in Aldergrove and Delta, B.C.

The Smiths Falls, Ont. cannabis company says it has determined that the facilities are no longer essential to its cultivation footprint.

Canopy says it was hampered by the Canadian recreational cannabis market developing slower than anticipated and profitability challenges across the industry.

The company will no longer pursue plans to open a third greenhouse in Niagara-on-the-Lake, Ont.

Read the full article here.

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