skip to Main Content
Cannabis giant Canopy Growth further shrinks global footprint

Canopy Growth’s latest efforts to pare down its global cannabis operations include closing a US hemp farm and exiting Africa, the company announced Thursday.

Much like other larger North American cannabis firms whose growth far outpaced that of the market they served, Canopy Growth (CGC) is shedding operations to drastically cut costs and save cash.
Last month, that meant shuttering 3 million square feet of greenhouses and laying off 500 employees.
Now, the world’s largest cannabis company by market cap has exited Africa; plans to close an indoor facility in Saskatchewan; will shut down a 1,000-acre hemp farm in Springfield, New York; and will scale back its operations in Colombia. The latest moves result in the loss of 85 full-time employees, five of whom worked at the US hemp farm.
“We have made the difficult but necessary decision to close our Waterpoint Hemp Farm based in Springfield, New York,” a Canopy Growth spokesperson wrote in an email to CNN Business. “Like many other growers in the state, Waterpoint Hemp Farm produced an abundance of hemp in 2019, which does not commensurate with current market demand or the regulatory delays surrounding hemp extracts.” [Read more at CNN]
This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Recent Stories

Cannatrol Wins Grow Up Industry Award For Drying And Curing

PRESS RELEASE NORTH SPRINGFIELD, VERMONT – September 29, 2022 – Cannatrol the new disruptive innovator in precision cannabis drying and curing systems, today announced that it has been awarded a…

Marijuana legalization could bring Arkansas $460M, study finds

Marijuana legalization could bring $460 million to the state’s budget, according to a new study, but opponents said new revenue doesn’t overcome increased costs. Voters will get a chance in…

More than 2,500 apply for pardon under Pa. marijuana pardon project

More than 2,500 Pennsylvanians with minor, nonviolent marijuana criminal convictions have applied for a pardon under a new program launched by Democratic Gov. Tom Wolf and Lt. Gov. John Fetterman…

State politicians are growing concerned about NY’s legal marijuana rollout

Sparked by a NY Cannabis Insider story from earlier this month, New York’s Legislative Commission on Rural Resources has asked the Office of Cannabis Management for clarification and updates on the state’s rollout…

More Categories

Back To Top
×Close search
Search