Canopy Growth Corp. announced that it would lay off 800 staff members. 

The company will lay off 40% of its staff immediately, with the remainder occurring over several months. 

• The recent staff cuts are meant to help reach profitable levels and reduce costs. 
• The industry is struggling with competition from illegal markets, which capture 40% of cannabis sales. 
• Company's share price dropped 16% to $3.08; the net loss amounted to $266.7M in the third quarter. 
  • Net losses were driven by non-cash, fair value changes due to restructuring costs.