Tilray to lay off 10 per cent of staff to help company better achieve profitability
TORONTO - Tilray Inc. is laying off 10 per cent of its workforce in an effort to cut costs.
The Canadian cannabis company's chief executive officer Brendan Kennedy says in a statement to The Canadian Press that the layoffs will help Tilray better position itself to achieve profitability.
By reducing headcount and costs, Kennedy says Tilray will be more likely to meet the needs of the industry and foster growth in 2020 and beyond.
Kennedy's statement calls the decision "tough," notes that it was not "taken lightly" and says he is extremely grateful to the departing employees for their contributions.
The company would not share what offices and departments will be affected by the layoffs, but said the company's total headcount is about 1,443.
Tilray will continue to focus on its international medical cannabis offerings, science and research in global markets, adult-use brands and its Manitoba Harvest hemp foods business.
Companies in this story: (TSX: TLRY)
This report by The Canadian Press was first published Feb. 4, 2020.