On Wednesday afternoon, Canopy Growth announced that they will be closing two of their indoor greenhouse facilities in British Columbia, Canada. In yesterdays press release, Canopy Growth states, “nearly 17 months after the creation of the legal adult-use market, the Canadian recreational market has developed slower than anticipated, creating working capital and profitability challenges across the industry”.
The closed facilities, located in Aldergrove and Delta, made up over half of their operations. Roughly 500 employees are now unemployed. What about plans to open an Ontario facility? Guess again! Canopy Growth has also canned this concept.
Canopy Growth has worked with a long list of celebrities including Drake, Kevin Durant, & Seth Rogan. What’s next for the entertainer backed cannabis brand? We’re not entirely sure, however we will be keeping you up to date as we find out more!