Canopy breaks out Canadian operations in new unit, lays off 55

SMITHS FALLS, Ont. –

Canopy Growth Corp. says it will likely be breaking out its Canadian hashish operations right into a stand-alone business unit and shedding 55 workers.

Brenna Eller, the Smiths Falls, Ont. pot firm’s vice-president of communications, says the transfer is supposed to assist the corporate attain profitability.

She didn’t say what roles the laid off employees had or the place they had been situated.

As a part of the modifications, Eller says Dave Paterson will now function its president of Canadian operations.

Patterson, who most just lately served as chief business officer of hashish producer Indiva, is anticipated to drive better accountability as the corporate tries to search out sustainable progress.

Eller says Julious Grant, Canopy’s chief business officer, can even go away the corporate “to pursue other opportunities.”

“Through the changes announced today, our executive structure and operations are now more closely aligned with the areas of greatest opportunity and reflect Canopy Growth’s resolute focus on achieving profitability in Canada,” she says, in an announcement.

“Together with our recently announced strategy for fast tracking entry into the U.S., these adjustments further position Canopy Growth to realize our ambition of North American cannabis market leadership.”

This report by The Canadian Press was first printed Nov. 30, 2022.