Another Cannabis Company Announces Sharp Job Cuts

Joining a growing list of peers who have made cuts to their employee rolls lately, Canada's Supreme Cannabis Company announced it would lay off roughly 15% of its workforce.

In its announcement, issued Tuesday after market hours, Supreme said this was part of a broader effort aimed at "focusing its businesses and implementing new operating models that prioritize near-term revenue growth in the Canadian market."

Supreme added that it has "optimized" its operations, with streamlined intra-company reporting procedures and rationalizations in vendor contracting and support services. On top of that, the company has pulled out from its involvement in Supreme Heights, described as "an investment platform based in London, UK focused on opportunities in the UK and Europe's CBD health and wellness space," when it was announced in June 2019.

Source Fool.com