Canadian Cannabis Grower Gets … Smaller
December 11, 2020 
Canadian cannabis grower Canopy Growth Corp. recently announced it would close some if its Canadian sites, as CEO David Klein steps up efforts to turn one of the world’s most valued producers into a profitable one.
A Reuters report says the plant closures will impact about 17% of Canopy’s indoor cultivation and all of its outdoor growing capacity in Canada, and follow its exit from some international operations and closure of other Canadian greenhouses earlier this year.
Profits have been elusive for most cannabis firms in Canada, which legalized recreational cannabis in October 2018, weighed down by fewer-than-expected retail stores, cheaper rates on the black market, and sluggish overseas growth.
Klein took the top job at Canopy in January, moving over from the role of finance chief at the company’s largest shareholder, Constellation Brands Inc., months after the beer maker expressed disappointment over heavy losses.
Canopy Growth will close indoor production sites in four Canadian cities, including Edmonton, Alberta, and Bowmanville, Ontario, and outdoor plants in Saskatchewan.
“We are confident that our remaining sites will be able to produce the quantity and quality of cannabis required to meet current and future demand,” Klein said in a statement.
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