Cannabis giant Canopy Growth further shrinks global footprint

Hemp Marijuana Industry News Medical Marijuana Recreational Marijuana April 17, 2020 MJ Shareholders 0

Much like other larger North American cannabis firms whose growth far outpaced that of the market they served, Canopy Growth (CGC) is shedding operations to drastically cut costs...

Much like other larger North American cannabis firms whose growth far outpaced that of the market they served, Canopy Growth (CGC) is shedding operations to drastically cut costs and save cash.

Last month, that meant shuttering 3 million square feet of greenhouses and laying off 500 employees.

Now, the world’s largest cannabis company by market cap has exited Africa; plans to close an indoor facility in Saskatchewan; will shut down a 1,000-acre hemp farm in Springfield, New York; and will scale back its operations in Colombia. The latest moves result in the loss of 85 full-time employees, five of whom worked at the US hemp farm.

“We have made the difficult but necessary decision to close our Waterpoint Hemp Farm based in Springfield, New York,” a Canopy Growth spokesperson wrote in an email to CNN Business. “Like many other growers in the state, Waterpoint Hemp Farm produced an abundance of hemp in 2019, which does not commensurate with current market demand or the regulatory delays surrounding hemp extracts.” [Read more at CNN]

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