Friday, July 4, 2025
MWH
  • Home
  • Politics
  • Business
  • Lifestyle
  • Medical
  • Shop
No Result
View All Result
  • Home
  • Politics
  • Business
  • Lifestyle
  • Medical
  • Shop
No Result
View All Result
Marijuana with Hemp
No Result
View All Result
Home Business

Cannabis Company Canopy Growth Expected To Lay Off 60% Of Workforce

Keegan MacDonald by Keegan MacDonald
February 10, 2023
in Business, Featured
Share on FacebookShare on Twitter
36

The recent cannabis industry downturn has been forcing many corporations to cut jobs, slow down production, and open less shops. This can be seen with the cannabis giant Canopy Growth cutting more than 60% of their total jobs. According to Canopy Growth and their backer, Constellation Brands Inc, the black market is causing the marijuana industry to not meet expectations, forcing them to cut out over half of their workforce.

Canopy Growth is Canada’s second largest cannabis producer. This restructuring of workforce is the second overhaul the company has had to do within the last 12 months. The organization says that doing so would save the company over C$310 million, thus making the company profitable once again.

David Klein, CEO of Canopy Growth had this to say about the issue, “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,”. Many in Canada are calling for a strict lockdown on the illegal marijuana markets, claiming they are harming the legal industry significantly.

Due to this recent news, shares for Canopy Growth fell over 18% last Thursday. This business often is one of the top cannabis stocks in yearly growth and this downturn was rather shocking for many shareholders. The company used to be Canada’s most valuable cannabis company but is now second to Tilray Inc.

Most of the job cuts are happening currently. Many of the laborers are expected to find new jobs in the industry with Canopy claiming they would not be able to take them back until as early as 2024.

Read the whole article here.

Visits: 533
Previous Post

MedMen is in big financial trouble

Next Post

Where do things stand with Federal Marijuana legalization?

Keegan MacDonald

Keegan MacDonald

Next Post
Where do things stand with Federal Marijuana legalization?

Where do things stand with Federal Marijuana legalization?

ADVERTISEMENT
  • Former NBA Player Smoked Cannabis Before Interviewing Kamala Harris

    Former NBA Player Smoked Cannabis Before Interviewing Kamala Harris

    0 shares
    Share 0 Tweet 0
  • Where is marijuana on the ballot in November?

    0 shares
    Share 0 Tweet 0
  • Doordash gets into the Weed Delivery Business

    0 shares
    Share 0 Tweet 0
  • Kamala Harris Didn’t Talk With Rogan About Legalization, She Should Have

    0 shares
    Share 0 Tweet 0
  • Barstool Sports Delves Into the Realm of Cannabis

    0 shares
    Share 0 Tweet 0
  • Trending
  • Comments
  • Latest
New Survey Study Shows Patients Are Okay With Their Doctors Consuming Cannabis Off The Clock

New Survey Study Shows Patients Are Okay With Their Doctors Consuming Cannabis Off The Clock

April 9, 2025
New Study Shows Cannabis Users Are Leaner, Less Likely To Get Diabetes

New Study Shows Cannabis Users Are Leaner, Less Likely To Get Diabetes

June 6, 2023
Oklahoma’s Weed industry is imploding

Oklahoma’s Weed industry is imploding

0
Ohio legalizes marijuana with a large majority and is immediately hit with backlash

Ohio legalizes marijuana with a large majority and is immediately hit with backlash

0
New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

July 1, 2025
Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

July 1, 2025
ADVERTISEMENT
Marijuana with Hemp

Browse by Category

  • Business
  • Featured
  • Hemp Politics
  • Latest News
  • Lifestyle
  • Medical
  • Medical Marijuana
  • Politics

Recent News

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

July 1, 2025
Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

July 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 Marijuana With Hemp

No Result
View All Result
  • Home
  • Politics
  • Business
  • Lifestyle
  • Medical
  • Shop

© 2024 Marijuana With Hemp