Nanaimo B.C.-based Tilray (
NASDAQ: TLRY) said it is laying off approximately 10 percent of its workforce as the Canadian cannabis producer looks to cut costs across its global operations in an effort to become profitable.
According to a company spokesperson, Tilray’s layoffs, which include less than 35 people in the company’s Toronto office, has about 1,400 staff globally, including employees in Canada, Germany, Portugal, Ireland, the U.S., Australia, and Czech Republic.
In a statement, Tilray CEO Brendan Kennedy said: “By reducing headcount and cost, Tilray will be better positioned to achieve profitability and be one of the clear winners in the cannabis industry, which will drive value for our investor and employee shareholders.”
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