Canadian cannabis producer Organigram Holdings OGI OGI has announced a round of layoffs.
The Moncton, Canada-based company confirmed a staff reduction of 25%. That's 220 employees.
Organigram currently has about 609 workers, from which 89 are on temporary layoff.
“These decisions are never easy to make, but we are committed to ensuring the Company is appropriately sized relative to market conditions," Organigram CEO Greg Enge said. "We are incredibly grateful for the commitment that our affected employees have made in helping build the Company that Organigram is today.”
Production Changes
The company expects to announce that its Moncton campus is not going to harvest as much weed as previously planned.
Organigram also announced that it was given permission to file its third-quarter financial report by July 21, as opposed to the original deadline, July 15.
Photo via unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.