International medical cannabis company IM Cannabis Corp. is reorganizing its management and operations, including cutting up to 25% of its workforce.
The move comes months after the Glil Yam, Israel-based business exited the hyper-competitive Canadian cannabis market in order to focus on opportunities in Israel and Europe – in particular, Germany.
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IM Cannabis said it expects to realize approximately 3.5 million Canadian dollars ($2 million) in cost savings annually after the workforce reduction is completed by the middle of this year.
“The restructuring initiatives … (reflect) our determination to continue with our strategic plan by maximizing efficiencies to create a leaner and more flexible organization to better suit the current market environment and our short- to mid-term objectives,” CEO Oren Shuster said in a statement.
IM Cannabis is among a number of cannabis companies announcing major reorganizations in recent months.
Canopy Growth Corp., based in Ontario,
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