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.”
Canopy Growth did appear to be moving forward on the hemp production facilities, albeit at a smaller scale, Gordon Kniffen, Kirkwood’s town supervisor, said to CNN Business. Kniffen said he has not been in contact with Canopy Growth for several weeks.
Canopy Growth still expects to incur a pre-tax charge related to the strategic review of between $700 million and $800 million for the quarter that ended March 31.