Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market.

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market. The downsizing of Canada’s second-largest pot producer is the second restructuring that is taking place in less than 12 months. Coupled with the layoffs announced in April 2022, Canopy has estimated a saving of almost US$230 million and even a profit margin, helping it become the right size for Canada, and enter the US markets through Canopy US, reported Bloomberg. On a conference call, Chief Executive Officer David Klein cited Canada’s thriving black market for the revenue dip. “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,” he said, estimating that the black market represents about 40 per cent of Canada’s overall cannabis sales. That has meant that the $7 billion marijuana market that was supposed to materialize in Canada hasn’t come to fruition, Klein said, and forces companies like his to try to compete on price with illegal operators who don’t have to pay taxes. Also read | Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day Canopy dropped 17 per cent in New York on Thursday (February 9), with shares having dropped 74 per cent in the past 12 months. The company will transition to an “asset-light” model in Canada, sourcing many of its products from outside parties, and limiting production operations. The changes effectively signify the end of Canopy’s cannabis cultivation facility in Smiths Falls, Ontario. “Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” Canopy CEO Klein said in the statement. Canopy was once Canada’s most profitable marijuana company — now it’s second to Tilray Inc, as per Bloomberg report. WATCH WION LIVE HERE:

Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model

Out of the two coronas, one might give you a hangover while the other one can kill you, but as it seems, a huge lot of people from across the globe probably don`t understand this difference.

According to Fox News, the latest Google trends statistics reflect that searches for "corona beer virus" have seen a considerable spike in the recent days.

This made it quite apparent that people are confusing between the coronavirus disease and the popular beer brand Corona.

The eastern European nation of Estonia currently leads the pack for "corona beer virus" searches with marked surges seen across all the continents.

Fortunately, a gentleman named Realeboga Mashiane shined some light over this epidemic of ignorance by tweeting an image that clearly illustrated the difference between the two coronas.

Now it is rather safe to say that you can peacefully enjoy your pint without worrying about dying from acute pneumonia.&nbsp;

Out of the two coronas, one might give you a hangover while the other one can kill you, but as it seems, a huge lot of people from across the globe probably don`t understand this difference.

Out of the two coronas, one might give you a hangover while the other one can kill you, but as it seems, a huge lot of people from across the globe probably don`t understand this difference. According to Fox News, the latest Google trends statistics reflect that searches for "corona beer virus" have seen a considerable spike in the recent days. This made it quite apparent that people are confusing between the coronavirus disease and the popular beer brand Corona. The eastern European nation of Estonia currently leads the pack for "corona beer virus" searches with marked surges seen across all the continents. Fortunately, a gentleman named Realeboga Mashiane shined some light over this epidemic of ignorance by tweeting an image that clearly illustrated the difference between the two coronas. Now it is rather safe to say that you can peacefully enjoy your pint without worrying about dying from acute pneumonia.

People confusing between Corona beer and coronavirus: Google search trends reveal

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