Canopy Growth cutting 60 percent of its workforceFortune 02/10/2023
Canopy Growth, the second-largest producer of marijuana in Canada, said it will cut about 60 percent of its workforce because of disappointing results. The company points to black market competition as a major factor in lower-than-expected sales in Canada. “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,” said CEO David Klein. “That has meant that the $7 billion marijuana market that was supposed to materialize in Canada hasn’t come to fruition.”
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