View source for Canopy Growth Sheds Assets In Canada Plans More Layoffs

By Ankit Kumar<br> Feb 9 (Reuters) - Canopy Growth Corp said on Thursday it would shed assets in Canada and cut 800 job positions as part of the pot producer's efforts to reduce costs and  [https://l2might.com/forum/index.php?action=profile;u=326841 EVDEn EVe NaKliyat] turn profitable.<br> Shares of the company, which reported a bigger quarterly loss, plunged 16.6% to C$3.06 at the closing of trade.<br> The company has been cutting costs through layoffs, exit from some international markets, store closures and  [https://evigetir.com/ntpc/form.html%20-%20K%C2%8Dsayol.lnk evDEn Eve naKLiYat] divestiture of its retail business across Canada.<br> The [https://www.martindale.com/Results.aspx?ft=2&frm=freesearch&lfd=Y&afs=company%20expects company expects] to save C$140 million ($104.10 million)to C$160 million over the next 12 months.<br> Its streamlining efforts in Canada include exiting cannabis flower cultivation in its Smiths Falls, Ontario facility, ceasing the sourcing of cannabis flower from the Quebec facility, and moving to a third-party sourcing model for cannabis beverages,  [https://evigetir.com/evdeneve/ee.html evdEN EVe NaKliYaT] edibles, vapes and extracts.<br> The company expects to complete the operational changes in the second quarter of fiscal 2024 and record restructuring-related pretax charges of C$425 million to C$525 million in the current quarter and the first half of fiscal 2024.<br> Canopy Growth's current headcount was 2,250, out of which 1,450 employees will remain after the reductions announced on Thursday, the company said.<br> "Canopy is now in a position where its success will largely depend on investor enthusiasm amid an environment where cannabis sentiment is at best apathetic," Stifel analyst Andrew Carter said in a note.<br> The company's adjusted core loss widened to C$87.5 million in the quarter ended Dec.<br><br>31, from C$67.4 million a year earlier.<br> Smaller rival Aurora Cannabis Inc, however, reported an adjusted core profit of C$1.4 million, compared to a loss of C$7.1 million in the year-ago quarter, helped by higher revenue and reduction in expenses.<br>($1 = 1. Here is more about [https://evigetir.com/evdeneve/temizlik.html evDeN eVE nAKLiYat] stop by our page. 3449 Canadian dollars) (Reporting by Ankit Kumar, additional reporting by Sourasis Bose; Editing by Maju Samuel and Shailesh Kuber)<br>