In its latest move to steer itself toward profitability, Canopy Growth Corp. is appointing a new executive to head its Canadian operations, while also laying off 55 employees, the company said Wednesday.
Canopy said it will appoint Dave Paterson as its new president of its Canadian operations as the company will now treat the region as a standalone business unit. The company also said that Julious Grant, its chief commercial officer, will be departing the organization 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,” a company spokesperson said in an emailed 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.
The announcement comes two months after Canopy announced plans to divest its Canadian retail operations in its latest move to reduce its losses and seek profitability, which has so far been elusive for the company. In October, Canopy said it will form Canopy USA LLC, a new entity that will take the company’s U.S. investments - Acreage Holdings Inc., Jetty Extracts and Wana Brands - and be able to exercise rights to acquire those companies. The Canopy USA plans is subject to a shareholder vote in early 2023 but closing the deals to acquire those three U.S. companies is expected to last until 2024.
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