Tilray to lay off 10 percent of staff to help achieve profitability
Tilray President Brendan Kennedy is photographed at head office in Nanaimo, B.C., on Thursday, November 29, 2017. Tilray Inc. is laying off 10 per cent of its workforce in an effort to cut costs. The Nanimo-based cannabis company's chief executive officer Brendan Kennedy says in a statement to The Canadian Press that the layoff is occuring to meet the needs of the industry and foster growth in 2020 and beyond. THE CANADIAN PRESS/Chad Hipolito

Tilray to lay off 10 percent of staff to help achieve profitability

TORONTO — Tilray Inc. is laying off 10 percent 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.

Featured Image: THE CANADIAN PRESS/Chad Hipolito

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