Canopy breaks out Canadian operations in new unit, lays off 55
Canopy Growth Corp. says it will be breaking out its Canadian cannabis operations into a stand-alone business unit and laying off 55 staff.
Brenna Eller, the Smiths Falls, Ont. pot company's vice-president of communications, says the move is meant to help the company reach profitability.
She did not say what roles the laid off workers had or where they were located.
As part of the changes, Eller says Dave Paterson will now serve as its president of Canadian operations.
Patterson, who most recently served as chief commercial officer of cannabis producer Indiva, is expected to drive greater accountability as the company tries to find sustainable growth.
Eller says Julious Grant, Canopy's chief commercial officer, will also leave the company "to pursue other opportunities."
"Through the changes announced today, our executive structure and operations are now more closely aligned with the areas of greatest opportunity and reflect Canopy Growth's resolute focus on achieving profitability in Canada," she says, in a statement.
"Together with our recently announced strategy for fast tracking entry into the U.S., these adjustments further position Canopy Growth to realize our ambition of North American cannabis market leadership."
This report by The Canadian Press was first published Nov. 30, 2022.
opinion | These are the government tax credits and deductions you may not know about that could help cover the bills
Many Canadians are experiencing strains caused by the increased cost of living and inflation. In his exclusive column for CTVNews.ca, contributor Christopher Liew shares some of the top credits and deductions that you may be able to claim on your income tax return to help you save money.
opinion | How much rent can you afford?
Many Canadians have continued to see an increase in their rental rates in 2023. In an column on CTVNews.ca, personal finance contributor Christopher Liew explains how to calculate how much rent you can afford.
Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey. The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago.
With the spring break travel season approaching, those looking to flee the cold, wet Canadian snow for sunnier skies will likely be met with a hefty price tag for their getaway, with inflation and increased demand pushing costs up.
When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exemption.
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.