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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (135959)	2/9/2023 9:21:51 AM
From: Goose94	Read Replies (1) of 202172

Canopy Growth (WEED-T) is taking a machete to its Canadian operations as the pot producer looks to plot a path to sustained profitability. The scope of the restructuring is rather eye-opening. Canopy is cutting 800 jobs and will now cultivate cannabis at but a pair of sites in Kelowna, B.C. and Kincardine, Ont. For everyone keeping score at home, that spells the end of cultivation at the company's Smiths Falls, Ont. location, an inauspicious end to the hopes the town placed on Canopy when it put down roots in the old Hershey factory that used to drive the local economy. Canopy says it expects to record a pre-tax charge between $425-$525 million as a result of the moves. The whole affair feels rather emblematic of the struggles the pot industry has faced since the heady days ahead of recreational legalization, as too much capacity was built out as industry ambitions outstripped market realities – that's of course led to a massive destruction of shareholder value (for example, Canopy shares are down 95 per cent from their October 2018 peak.) You can catch the full story from our David George-Cosh at BNN.ca

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