As a result of the Smiths Falls closure, the company is exiting cannabis flower cultivation at the Ontario facility. It will also cease the sourcing of cannabis flower from a Mirabel, Quebec facility, and move to a third-party sourcing model for cannabis beverages, edibles, vapes and extracts.
The moves follow Canopy’s exit from the Canadian retail market and the closure of its Scarborough-based research facility. The company reports it expects to realize up to $160 million in savings over the next 12 months.
“Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership. We are transforming our Canadian business to an asset-light model and significantly reducing the overall size of our organization. These changes are difficult but necessary to drive our business to profitability and growth,” said Canopy’s CEO David Klein.
The company reported a $2.1-billion loss in the first quarter
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