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Hemp producer canopy growth cuts 8%

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Mjbizdaily learned that Canadian marijuana producer canopy growth cut about 8% of its employees on Tuesday as part of the company's comprehensive transformation to help curb recent losses and drive the troubled company to make profits. According to the company, the latest round of layoffs was 245, and canopy is trying to cope with the decline in sales in Canada. The company has not yet turned a profit. According to a recent research report by Cantor Fitzgerald, a financial services company, canopy's market share fell to only 7% in the quarter from January to march from more than 11% a year ago. Canopy's entertainment marijuana sales fell 23% from the October December quarter. Since 2015, canopy's total net loss has been approximately C $3.2 billion (US $2.5 billion).

Source: mjbizdaily com/