Canadian cannabis producer Canopy Growth lost another 578.6 million Canadian dollars ($454 million) in its fourth fiscal quarter for the period ended March 31 as its adult-use sales collapsed 36% compared to the previous year.
The latest loss come one month after the struggling business slashed 8% of its workforce, or 245 of its employees, as part of sweeping changes across the company intended to generate up to CA$150 million in savings within 18 months.
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Roughly 1,600 people at Canopy have lost or left their jobs since 2020, when David Klein became CEO.
Canopy reported net sales of CA$111.8 million in the latest quarter, significantly lower than analysts’ expectations of approximately CA$130 million.
Canadian recreational cannabis sales declined to CA$38.9 million in the fourth quarter, lower than the $61.1 million in sales in the previous year’s fourth quarter.
Canadian medical cannabis sales also fell sharply, to CA$52 million,
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