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Canopy To Shed 800 Jobs In Canada On Back Of Big Quarterly Loss & Plunging Share Price

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Yahoo Finance Reports

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 turn profitable.

Shares of the company, which reported a bigger quarterly loss, plunged 16.6% to C$3.06 at the closing of trade.

The company has been cutting costs through layoffs, exit from some international markets, store closures and divestiture of its retail business across Canada.

The company expects to save C$140 million ($104.10 million)to C$160 million over the next 12 months.

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, edibles, vapes and extracts.

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.

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.

“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.

Read more at

https://www.yahoo.com/now/canopy-growth-posts-bigger-quarterly-123818949.html



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Massachusetts: Office of the Inspector General Publishes Press Release Re Appointing A Receiver To Manage State’s Cannabis Commission

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Independent journalist Grant Smith Ellis  writes today to linked in

Press release from Massachusetts Inspector General confirms that a decision in June of 2024, by three CCC Commissioners, to strip the powers of acting agency Executive Director Debbie Hilton-Creek led to today’s emergency hearing request on Beacon Hill.

 



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Movie Time In Oregon. Special Screening of Frenchy Dreams of Hashish

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CHEECHABLE & OG EMPIRE PRESENT:

A SPECIAL 7/10 with FRENCHY CANNOLI! We are pleased to announce a special screening and Oregon premier of the movie Frenchy Dreams of Hashish, a documentary by Jake Remington. Frenchy Dreams of Hashish showcases master hashishin Frenchy Cannoli’s lifelong pursuit of perfect hashish and highlights the ethos of sustainable, sun-grown cannabis. Join us as we celebrate the art of making hash and honor the late master, Frenchy Cannoli. Get your tickets here!

 



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Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man

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It’ll take a while but the business plan to get Curaleaf products available via the NHS starts here…and the front man is  now former Conservative MP George Freeman

See the press release dated 28 May (scroll down)  about his involvement and and what a surprise

30 May 2024

George Freeman is no longer a Member, but was most recently the Conservative MP for Mid Norfolk, and left the Commons on 30 May 2024.

https://members.parliament.uk/member/4020/career

 

 

 

Positioned at the heart of the life sciences sector, the Cannabinoid Research & Development Group UK is a new research strategy group led by academics, researchers, clinicians, patients and industry.

The group will propel scientific research and development of pharmaceutical cannabinoid-related products in the UK.

Our ambition is to develop and implement a comprehensive strategy to transform the UK into the global leader in cannabinoid research and medicine development.

We will build a robust ecosystem by integrating universities, research institutions, investors, businesses, and the NHS – driving innovation and development, nurturing top talent and fostering advances in healthcare.

 

 



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