(Bloomberg) -- Canopy Growth Corp. is cutting 200 jobs in Canada, the U.S. and the U.K. as part of an internal restructuring of several departments, the company said in an email.
Chief Executive Officer David Klein said in February that job cuts were one of many options he was evaluating as he worked to reduce costs across the cannabis company. Canopy closed two facilities in British Columbia in early March, eliminating 500 positions, and announced several changes earlier this month, including the closure of an indoor growing facility in Saskatchewan and the cessation of farming operations in New York.
“For a long time Canopy has prioritized doing things first, but going forward we’ll be focused on doing things the best in the markets and in the product formats that show the greatest promise,” Klein said in an emailed statement.
Canopy’s stock is down 66% over the past 12 months as it’s struggled to reduce costs and turn a profit. Klein was hired from Constellation Brands Inc., Canopy’s largest shareholder, in December to help turn things around.
The company will release more details when it reports earnings on May 29.
©2020 Bloomberg L.P.