RE:48NORTH LAID OFF 20% OF STAFF AND ENDS CULTIVATION OPERATIONObviously dont want to be happy at people losing their jobs, but in an industry that is turbulant like this, it is expected that anything can happy.
From an investor point of view, this is exactly what you want to see and you want to see quickly when a company is buying someone. Cut as fast as possible to avoid paying 2 people to do one job. it has to happen and its happening quickly which is even bettter.
quote=Quietinvestor]
29 MARCH 2021
TORONTO -- 48North Cannabis Corp. will lay off about 20 per cent of its staff as it ends outdoor cultivation at an Ontario facility.
The cannabis company's CEO Charles Vennat says the layoff impacts about 26 staff and comes as 48North immediately ceases operations at its Good Farm outdoor cultivation facility in Brant County, west of Hamilton.
The company described the closure as an important step toward profitability and when coupled with decreasing its cash use, said it will result in annualized savings of at least $5 million.
The Good Farm cut leaves 48North dependent on strategic partnerships with licensed producers and on DelShen, an indoor facility it keeps in Kirkland Lake, Ont.
Vennat previously said the company had been able to cultivate 12,000 kilos at a cost of 25 cents per gram outdoors at its Good Farm location, while growers often spend $2 per gram on indoor cultivation.
Along with the cuts, 48North says chief grow officer Kristen Gauthier and chief financial officer Sean Byrne are leaving the company and Byrne will be replaced on an interim basis by Donnacha Rahill.
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