Canopy Growth Confirms a New Round of Layoffs

Adding to a worrying trend in the cannabis industry, Canopy Growth (NYSE: CGC) has enacted a new round of employee layoffs. The company confirmed to Bloomberg Thursday that it had eliminated an unspecified number of positions. Like other businesses in the cannabis sector, which was struggling with myriad issues even before the coronavirus pandemic, Canopy Growth has been searching for ways to cut costs lately.

Over the past year, a great many of Canopy Growth's peers have laid off workers or announced plans to do so. Companies reaching for the pink slips included Aurora Cannabis, Tilray, and HEXO.

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Source Fool.com