The cannabis producer lost $67.4 million in the third quarter

Canopy Growth to cut 250 jobs in struggle to turn a profit

Canopy Growth Corp said it would lay off about 250 employees as part of a cost-cutting plan as the Canadian cannabis producer tries to achieve long-elusive profitability.

Most Canadian cannabis companies have struggled to turn a profit despite more than three years of cannabis legalization due to fewer-than-expected retail stores, cheaper rates on the black market, and sluggish overseas growth.

This has piled on the pressure on companies to slash expenses, with Canopy saying on Tuesday that it would also reduce costs by lowering how much it spends on the cultivation of cannabis.

The moves are expected to yield cost savings of between $100 million and $150 million within 12 to 18 months.

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