Smiths Falls-based cannabis producer Canopy Growth’s latest round of job cuts has left 245 people looking for work.
The cuts announced Tuesday morning are part of changed designed to help the company move towards profitability.
Canopy is seeing sales stutter and has yet to turn a profit.
In a news release the company acknowledged the job cuts and said it expects the corporate realignment to generate up to 150 million dollars in savings in 12 to 18 months.
The release also warned the latest measures would result in noncash charges worth $250 to $300 million in the fourth quarter of this year, mostly stemming from write-downs of excess inventory.
Canopy also expects to incur between $100 and $250 million in noncash impairment charges, driven by goodwill and intangible asset impairments.
About 100 of the cuts came in Smiths Falls.
Roughly 1,600 people at Canopy have been let go since 2020, when David Klein took over as CEO.
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