Cannabis firm Tilray (NASDAQ:TLRY) has confirmed it will make cuts to its workforce in an attempt to reduce costs following a grueling year for investments in the space.

The company, based out of Nanaimo, British Columbia, told media outlets on Tuesday (February 4) that a 10 percent reduction will be needed in order to reach profitability, a goal of the company.


“The tough decision to eliminate roles has not been taken lightly,” Brendan Kennedy, CEO of Tilray, said in a statement to the Financial Post. “We’re extremely grateful to our past and current employees for their contributions.”

While Tilray initially saw a jump in value during Tuesday’s trading session, finishing at a share price of US$18.15, the company had dropped to US$17.83 as of 1:28 p.m. EST on Wednesday (February 5).

Outside of this week’s news, Tilray has seen a jump in market sentiment recently thanks to the addition of a new chief operating officer in Jon Levin, an ex-Revlon (NYSE:REV) commercial executive, and a new CFO in Michael Kruteck. Kruteck previously served with privately held Pharmaca Integrative Pharmacy and Molson Coors Beverage (NYSE:TAP,TSX:TAP) before that.

The luminary hires were touted as bringing expertise that would bolster the company’s plans.

Tilray’s cuts are the latest instalment in a slew of job losses seen across the board for public cannabis companies. Lately investors have seen companies such as HEXO (NYSE:HEXO,TSX:HEXO) and CannTrust Holdings (NYSE:CTST,TSX:TRST) cut down on workforce numbers.

The company is also not the only one to roll out new leading executives this year. Firms like Sundial Growers (NASDAQ:SNDL), TerrAscend (CSE:TER,OTCQX:TRSSF) and The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) have all seen unexpected changes in their CEO positions.

Kennedy received the distinction of becoming one of the biggest winners of the cannabis boom. In 2018, Bloomberg awarded the Tilray CEO the second spot on its highest-paid CEO list.

He was right behind Elon Musk, CEO of Tesla (NASDAQ:TSLA), on the top five list, which also included Bob Iger, CEO and chairman of Walt Disney (NYSE:DIS); Tim Cook, CEO of Apple (NASDAQ:AAPL); and Nikesh Arora, CEO and chairman of Palo Alto Networks (NYSE:PANW).

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

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

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) will release its financial results for the third quarter fiscal 2021 ended December 31, 2020 before financial markets open on February 9, 2021.

Keep reading... Show less

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.

Keep reading... Show less

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.

Keep reading... Show less

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.

Keep reading... Show less

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.

Keep reading... Show less