Ontario-based Canopy Growth Corp., says it will close five of its cannabis growing locations as it looks to get back in the black.
The recreational cannabis giant says it will close its facilities in St. John’s, N.L., and Fredericton, N.B., Edmonton, Alta., and Bowmanville, Ont., as well as its outdoor cannabis growing operations in Saskatchewan.
Approximately 220 people are expected to be laid off as part of the decision, the company confirmed in a press release Wednesday.
Canopy chief executive David Klein says the moves will help save between $150 million and $200 million while also accelerating the company’s path to profitability.
“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,” said Klein.
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“This was a difficult decision but I believe it is the right one. I want to thank all of the employees impacted by this decision for their efforts in helping build Canopy Growth.”
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