Cannabis Company Layoffs Net 61

Business
Cannabis Company Layoffs Net 61

In efforts to slim down and become more streamline, one of Canada’s largest cannabis companies is announcing major layoffs.

Tilray had just opened it’s massive grow facility located in the Vancouver area in 2014. Before the recent round of layoffs, which in total netted 61 Tilray employed nearly 200 people at the grow operation giving them a high profile as one of the major employers in the region.

The company is vehement that the layoffs will not have an impact on "the thousands of patients we serve," according to a statement from Tilray CEO Greg Engel.

"Tilray is making changes to our operating model to more efficiently serve patients and the MMPR market as it exists today," Engel wrote. He continued, "Tilray is well-capitalized and confident in our long-term business strategy, and we are operating more efficiently than ever before."

This is quite a change for a company, that up until the end of last year was holding numerous job fairs, and even hosted an information seminar in an all out effort to fill positions.

Back in March a report released by the Nanaimo Economic Development Corporation found that Tilray generated more than $48 million for the local economy last year and produced 395 jobs during the initial construction and operation phase.

Some like Ted Smith, founder of the Cannabis Buyers Club in Victoria; B.C. saw this coming and knew these large canna-businesses were unsustainable under their current business models.

"A number of companies that have been authorized by Health Canada have been very aggressive and I believe overestimated the profits that they'll be able to make off patients in this short amount of time," said Smith. "Ì think we'd be doing a lot better by having dozens of smaller companies than having one large company controlling the market."