Canopy Growth Slashes Global Operations to Conserve Cash
Canopy Growth (NYSE: CGC) announced on Thursday a restructuring of its global operations intended to reduce costs and conserve cash. The Canadian cannabis producer has handed over all of its ownership of operations in Lesotho and South Africa. It's shutting down cultivation operations in Colombia. The company is halting its hemp farming operations in Springfield, New York. Canopy is also shutting down its indoor facility in Yorkton, Saskatchewan.
The company said that it continues to expect that it will record pre-tax charges of around 700 million Canadian dollars to CA$800 million in its fiscal 2020 fourth quarter, which ends on March 31, 2020. These charges include the current round of cuts.
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Source Fool.com
