Just a few weeks after the company announced the divestiture of their retail businesses, an announcement popped up on the auction website HGP. Apparently, Canopy Growth is selling a bunch of pieces of equipment they don't need anymore. While the list of objects up for sale hasn't been provided yet, this feels like the company is trying to grab some cash quickly.
Many questions still remain, but it was April 2022 when the troubled company announced some deep restructuring. In that PR, they list the actions they were going to take, such as:
- Reducing the cost of goods sold in the Company's Canadian cannabis business by lowering per-gram cultivation costs through increased cultivation-related efficiencies and facility improvements;
- Implementing a flexible manufacturing platform inclusive of contract manufacturing for certain product formats;
- Rightsizing indirect costs and generating efficiencies across the company's supply chain and procurement;
- Aligning selling, general and administrative costs with short-term business expectations by reducing third-party professional fees and office costs; and
- Further streamlining the organization to drive process-related efficiencies.