The company expects to save C$140 million ($104.10 million)to C$160 million over the next 12 months.<\/p>\n
Its streamlining efforts in Canada include exiting cannabis flower cultivation in its Smiths Falls, Ontario facility, ceasing the sourcing of cannabis flower from the Quebec facility, and moving to a third-party sourcing model for cannabis beverages, edibles, vapes and extracts.<\/p>\n
The company expects to complete the operational changes in the second quarter of fiscal 2024 and record restructuring-related pretax charges of C$425 million to C$525 million in the current quarter and kL<\/a> the first half of fiscal 2024.<\/p>\n Canopy Growth’s current headcount was 2,250, out of which 1,450 employees will remain after the reductions announced on Thursday, the company said.<\/p>\n “Canopy is now in a position where its success will largely depend on investor enthusiasm amid an environment where cannabis sentiment is at best apathetic,” Stifel analyst Andrew Carter said in a note.<\/p>\n The company’s adjusted core loss widened to C$87. In case you loved this short article and you would like to receive more info about eN<\/a> please visit our web site. 5 million in the quarter ended Dec.31, from C$67.4 million a year earlier.<\/p>\n Smaller rival Aurora Cannabis Inc, however, reported an adjusted core profit of C$1.4 million, eN<\/a> compared to a loss of C$7.1 million in the year-ago quarter, helped by higher revenue and reduction in expenses.($1 = 1.3449 Canadian dollars) (Reporting by Ankit Kumar, additional reporting by Sourasis Bose; Editing by Maju Samuel and Shailesh Kuber)<\/p>\n<\/div>\n
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