Market Insider By TG Branfalt 170 Views

Canopy Growth Cuts Another 75 Jobs, Shutters Denmark Facility

Canadian licensed producer Canopy Growth is laying off 75 employees at its North American facilities and plans to close its operations in Denmark, Bloomberg reports. Most of the 75 layoffs were at its Smiths Falls, Ontario headquarters.

The potential cuts at the Denmark facility are not immediate because Danish law requires companies to seek consultation with a liquidator over several months to handle any outstanding demands from creditors and close business accounts, the report says.

Jens Markussen, the former head of Canopy’s Denmark operations, said on Tuesday that he had left the company and will serve next as head of production for Danish medical cannabis producer DanCann Pharma A/S.

In December, Canopy announced layoffs of 220 workers and that it was shutting down all of its outdoor cultivation sites, five in total. Last April, the company laid off 200 employees at facilities in North America and the United Kingdom. In March 2020, the firm laid off 500 employees while shuttering two greenhouses.

All of the layoffs came following a review by CEO David Klein, which commenced about a year ago. According to BNN this is the final review of the company’s operations by the CEO.

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