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Layoffs at Bruce County cannabis producer
Workers tend to marijuana plants at Supreme Pharmaceuticals near Tiverton, Ont. (Scott Miller / CTV London)
TIVERTON, ONT. -- A soft cannabis market has cost jobs at a Bruce County pot producer.
Supreme Pharmaceuticals, which operates the '7 Acres' marijuana growing facility near Tiverton, Ont. says they’re laying off 15 per cent of their staff across the company.
The Tiverton plant had over 700 employees to start this year.
While it’s unclear exactly how many jobs will be lost in Bruce County, Supreme says 13 per cent of the jobs being cut are operational positions, while 33 per cent are at the corporate level.
'7 Acres' has expanded quickly, moving from less than 100 employees just a few years ago, to 700 at the start of this year.
With nearly 350,000 square feet of production space, it is the main cultivation and marijuana plant growing hub for the company.
Supreme also has operations in Scarborough and Kitchener, Ont. as well as in B.C.
Like many pot stocks, Supreme has seen their stock price plummet. In the past three years, the share price has fallen 66 per cent, despite company revenues rising 350 per cent from 2018 to 2019.
Colin Moore, Supreme’s interim president and CEO says, “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.”
Supreme’s second quarter financial results will be released Thursday.