The Supreme Cannabis Company Inc. has announced this week that it will cut 15 per cent of its workforce.

The company has cut 33 per cent of its corporate positions and 13 per cent of its operational positions and will implement a new operating structure to “to drive efficiencies and support long-term, profitable growth,” according to a press release.

Supreme’s extensive portfolio includes brands such as 7ACRES, Truverra, Blissco, Sugarleaf by 7AC, and Khalifa Kush Enterprises Canada.

Interim CEO Colin Moore, a Starbucks alum who stepped in after the resignation of former CEO Navdeep Dhaliwal last month, says the staff cuts “empower [Supreme’s] people.”

“As Interim President and CEO, I committed to taking immediate steps to position Supreme Cannabis for long-term success, including rightsizing the Company’s cost structure and focusing our efforts on near-term revenue-generating opportunities,” Moore said in a statement.

“Recent staff reductions were an extremely difficult decision for myself and the Board, but I believe them to be necessary to create a more agile, focused and profitable organization for the long-term benefit of all the stakeholders of Supreme Cannabis. The changes we are implementing will empower our people, drive value for our shareholders and ensure that we continue to deliver a consistent and premium product to our consumers.”

The company also announced the implementation of its “optimized and streamlined” new reporting structures in the wake of the cost of shares plummeting by approximately 77 per cent over the past twelve months.

Supreme is just one of many cannabis companies to cut staff over the past few months, joining industry behemoths Aurora, Tilray, and Sundial.

The company will release its second-quarter financial results after the markets close on February 13.

 

Subscribe to the Cannabis Post newsletter.

SOURCE: https://www.thegrowthop.com/cannabis-news/tough-times-for-cannabis-industry-continue-as-supreme-cuts-15-per-cent-of-workforce