Canadian licensed producer Canopy Growth (NASDAQ:CGC,TSX:WEED) will shut down operations in five locations across Canada, resulting in 220 job cuts.

Meanwhile, after a critical change in management pushed through by investors, a cannabis company is offering a closer look at what its next steps will be.


Keep reading to find out more cannabis highlights from the past five days.

Canopy Growth confirms new round of layoffs and cuts

On Wednesday (December 9), David Klein, CEO of Canopy Growth, said the company still expects to meet current and future cannabis product demand despite facility shutdowns.

The company confirmed that the decision to make cuts came from an ongoing review of its business done in order to reduce excess costs in its operations.

According to the firm, these cuts will affect only 17 percent of its indoor Canadian production footprint. However, they will represent a complete shutdown of its outdoor Canadian production footprint.

Here are the locations affected by these cuts:

  • St. John’s, Newfoundland and Labrador
  • Fredericton, New Brunswick
  • Edmonton, Alberta
  • Bowmanville, Ontario
  • Outdoor cannabis grow operations in Saskatchewan

“These actions will be an important step towards achieving our targeted $150-$200MM of cost savings and accelerating our path to profitability,” Klein added.

Since the cuts were announced, shares of Canopy in Toronto have traded down in value. As of Friday (December 11) at 12:01 p.m. EST, shares of the company were sitting at C$34.22.

AUSA shares updates on new management

Australis Capital (AUSA) (CSE:AUSA,OTCQB:AUSAF) issued an update to its shareholders, with the company’s new management team setting the stage for the changes it plans to make. The new executives were victorious over the previous management group in a proxy vote last month.

“We have been busy these past few weeks, and have already reengaged with our portfolio companies as part of our strategic review towards optimizing value,” interim AUSA CEO Dr. Duke Fu said in a statement.

The company is trying to quickly find a new full-time CEO and CFO while the new board has started reviewing all past and present business dealings and and partners of the company.

“Our shareholders have spoken. We are thankful for their support, and in response we have immediately commenced executing on the plans that earned us their support at the Special Meeting,” said Dr. Fu.

Cannabis company news

  • Inner Spirit Holdings (CSE:ISH) told investors it will have 67 stores open across Canada next week when a location near Ottawa begins operations.
  • High Tide (TSXV:HITI,OTCQB:HITIF) informed the market it has submitted its application to officially list on the NASDAQ.
  • Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF) formed an official partnership with InterCure (TASE:INCR) in Israel to supply hemp extract wellness products. “The two companies will also explore opportunities such as clinical trials, product development and manufacturing in Israel,” the company announced.
  • PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) confirmed a partnership deal with US-based cannabinoid extract firm AssuredTrans to pursue improved operations and secure an added level of quality assurance.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

NYSE | TSX: ACB

Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the closing of its previously announced bought deal public offering (the “Offering”) of units of the Company (the “Units”) for total gross proceeds of US$137,940,000 . The Company sold 13,200,000 Units at a price of US$10.45 per Unit, including 1,200,000 Units sold pursuant to the exercise in full of the underwriters’ over-allotment option.

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Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE | TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the closing of its previously announced bought deal public offering (the “Offering”) of units of the Company (the “Units”) for total gross proceeds of US$137,940,000. The Company sold 13,200,000 Units at a price of US$10.45 per Unit, including 1,200,000 Units sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.

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AMP German Cannabis Group Inc. (” AMP “) (CSE: XCX ), ( Frankfurt : C4T ) (ISIN: CA00176G1028) and Aphria Inc.’s (” Aphria “) (TSX: APHA ) (NASDAQ: APHA) wholly-owned German subsidiary, CC Pharma GmbH (” CC Pharma “), have entered into a strategic agreement (the ” Co-Promotion Agreement “) covering joint marketing of sales for Aphria brand medical cannabis products for the German market.

The Co-Promotion Agreement is a collaboration contract between AMP and CC Pharma to sell the Aphria medical cannabis brand in Germany . In addition, AMP will organize with the support of CC Pharma, “information events” in Germany to market Aphria branded products to doctors and pharmacists.

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HempFusion Wellness Inc. ( TSX:CBD.U ) ( FWB:8OO ) (“ HempFusion ” or the “ Company ”) is pleased to announce that it has been included in two leading cannabis & hemp-derived CBD focused exchange-traded funds (“ ETFs ”), AdvisorShares Pure US Cannabis ETF ( NYSE:MSOS ) and AdvisorShares Pure Cannabis ETF ( NYSE:YOLO ).

AdvisorShares is a leading sponsor of actively managed ETFs. Pure US Cannabis ETF (MSOS) is the only US-listed ETF dedicated solely to US cannabis exposure, with over US$616,000,000 in assets under management (“ AUM ”). Pure Cannabis ETF (YOLO) was the first US-based actively managed ETF focused on the global cannabis industry. YOLO and MSOS endeavor to achieve long-term capital growth by investing in some of the largest foreign and domestic cannabis and hemp-derived CBD companies. The two AdvisorShares ETFs have a combined AUM of over US$880,000,000 as of January 22, 2021.

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