Canopy Growth to Close Two Greenhouses, Cut About 500 Positions

Posted on the 04 March 2020 by Merks50

(Reuters) - Pot producer Canopy Growth Corp (TO:WEED) said on Wednesday it plans to close two of its greenhouses in Aldergrove and Delta, British Columbia, cutting about 500 positions.

The company said it no longer plans to open a third greenhouse in Niagara-on-the-Lake, Ontario. (https://reut.rs/2VJPxgF)

Canopy had said last month it aims to focus on reducing costs, as it struggles with a slump in weed prices from oversupply and growing expenses.

More than a year after Canada legalized recreational weed, most producers have failed to turn profitable because of fewer-than-expected retail stores and oversupply issues, while a cash crunch threatens the survival of many companies.