Canopy Growth plunges on bigger loss, layoff plans

Cronos

09/02/2023 16:26

(Updates)
    ** Shares of pot producer Canopy Growth Corp  WEED.TO  fall 13.6% at C$3.18
    ** Canopy's third-quarter core loss widens to C$87.5 mln  ($65.35 mln) from
C$67.4 mln a year earlier
    ** Co also says it will reduce its workforce by about 60% and exit the
cannabis flower cultivation in Canada as part of its cost-reduction program
    ** Headcount reduction would effect 800 positions, of which 40% are impacted
immediately - Canopy
    ** Canopy expects to save an additional C$140-C$160 mln over the next 12
months from its latest cost-cutting measures
    ** Stock fell 71.6% in 2022
    ** Peers Tilray Brands  TLRY.O , Cronos Group  CRON.TO , Cureleaf  CURA.CD 
and Aurora Cannabis  ACB.TO  also fall 2.4%-4.5%
($1 = 1.3389 Canadian dollars)
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))