Marijuana producer Canopy Growth Corp. said Wednesday that it had laid off 200 people across Canada, the United Kingdom and the U.S. as part of its ongoing restructuring plans first announced in February. U.S.-traded shares of Canopy were up 2.4% in late afternoon trading and down from a gain of just over 4% earlier in the session. The company has laid off or eliminated nearly 1,000 jobs thus far, including temporary COVID-19 related layoffs. In a statement Canopy Chief Executive David Klein said, “Although difficult, the decisions that have been made over the last few months are to allow Canopy Growth to remain focused on the areas where we are winning and ensure that we are delivering the highest quality products to our consumers in every market where we operate. For a long time Canopy has prioritized doing things first, but going forward we’ll be focused on doing things the best in the markets and in the product formats that show the greatest promise.” The company is set to host an earnings conference call May 29.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.