Toronto-based cannabis producer Vivo Cannabis Inc. is cutting 18% of its workforce, selling unspecified assets, and tweaking its leadership team as part of an effort to cut costs and achieve positive cash flow. The company said its job cuts will see roughly 45 positions eliminated, “the vast majority from the rightsizing of Napanee operations.” Vivo’s Napanee operations are being “re-purposed to focus on low-cost cultivation – air house-grown – and the extraction and manufacturing of Vivo’s growing line of Cannabis 2.0 concentrates,” said a news release. Some other activities, including packaging and distribution, will be centralized at the Canna Farms facility in British Columbia. Vivo also said it was “monetizing non-core assets” and turning off the taps on capital expenditures “as all major facility projects have been completed.”
Marijuana Business Daily, 10/20/2020 12:55:03
Open article: https://mjbizdaily.com/canadas-vivo-cannabis-cuts-jobs-in-push-for-positive-cash-flow/