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Nanaimo-based licensed cannabis producer Tilray is laying off 10 percent of staff

Kirk Smol by Kirk Smol
November 11, 2024
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Nanaimo-based licensed cannabis producer Tilray is laying off 10 percent of staff

One of Canada’s best-known weed companies plans to trim its workforce.

Nanaimo-based Tilray revealed to BNN Bloomberg that restructuring will result in a 10 percent reduction in the number of employees.

‘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,’ CEO Brendan Kennedy said in an emailed message to the news organization.

Tilray conducts some of its corporate affairs in Toronto even though it’s technically still based in British Columbia.

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Bloomberg reported that it has 1,443 staff in several countries and fewer than 35 people will lose their jobs in Toronto.

Tilray is one of several publicly traded Canadian licensed producers that have gone through tough times over the past year.

Tilray’s shares are close to where they began when the company went public in July 2018.

Canada waited a year after legalizing pot before edibles, topicals, and extracts were legalized. Even then, licensed producers had to wait an extra two months, at a minimum, before they were made available to consumers.

Meanwhile, many Canadians continue buying weed from unlicensed dealers, in part because they are offering products at lower prices.

Tilray’s third-quarter financial report revealed a US$35.7-million net loss on revenues of US$51.1 million.

Kennedy’s restructuring statement came two weeks after former Revlon executive John Levin became Tilray’s new chief operating officer and former Molson Coors Beverage executive Michael Kruteck became Tilray’s new chief financial officer.

In July 2018, Tilray became the first Canadian cannabis company to launch an initial public offering in the United States.

At first, the licensed weed producer announced that its shares would be priced at US$17 on NASDAQ. After they were listed, there was a buying frenzy and by October 12, 2018, they reached US$148.30.

However, Canadian cannabis company stocks fell sharply in 2019—and Tilray was no exception.

At today’s opening, Tilray shares were trading at US$18.15, which is far below its 52-week high of US$85.48.

Kirk Smol

Kirk Smol

Kirk's journey through the digital realm began with lines of code and algorithms dancing in his dreams. Armed with a keyboard and an insatiable curiosity, he embarked on the path of software engineering. However, fate had a smoky twist in store for him. As the ones and zeros swirled around him, Kirk had an epiphany – he realized that he was more interested in the highs and lows of the cannabis industry than debugging lines of code. With a leap of faith that would make a bungee jumper blush, he bid farewell to the world of semicolons and database queries and embraced the intoxicating allure of cannabis journalism. Now, Kirk finds himself navigating a different kind of network, one that's all about buds, trichomes, and terpenes. Armed with a pen that's mightier than a vaporizer and a keen eye for detail, he's on a mission to unravel the mysteries of the green world.

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