By Ankit Kumar<\/p>\n
Feb 9 (Reuters) – Canopy<\/a> Growth Corp said on Thursday it would shed assets in Canada and cut 800 job positions as part of the pot producer’s efforts to reduce costs and turn profitable.<\/p>\n Shares of the company, which reported a bigger quarterly loss, plunged 16.6% to C$3. In case you loved this informative article and eVdeN EVe nAKliYaT<\/a> you would love to receive more details with regards to EVdEN EVE NAkLiyaT<\/a> please visit the website. 06 at the closing of trade.<\/p>\n The company has been cutting costs through layoffs, exit from some international markets, store closures and divestiture of its retail business across Canada.<\/p>\n The company expects to save C$140 million ($104.10 million)to C$160 million over the next 12 months.<\/p>\n Its streamlining efforts in Canada include exiting cannabis flower cultivation in its Smiths Falls, Ontario facility, evDeN EVe nAKLiyAt<\/a> ceasing the sourcing of cannabis flower from the Quebec facility, and moving to a third-party sourcing model for cannabis beverages, edibles, vapes and extracts.<\/p>\n The company expects to complete the operational changes in the second quarter of fiscal 2024 and record restructuring-related pretax charges of C$425 million to C$525 million in the current quarter and the first half of fiscal 2024.<\/p>\n Canopy Growth’s current headcount was 2,250, out of which 1,450 employees will remain after the reductions announced on Thursday, the company said.<\/p>\n “Canopy is now in a position where its success will largely depend on investor enthusiasm amid an environment where cannabis sentiment is at best apathetic,” Stifel analyst Andrew Carter said in a note.<\/p>\n The company’s adjusted core loss widened to C$87.5 million in the quarter ended Dec.31, from C$67.4 million a year earlier.<\/p>\n