Vivo Cannabis Inc. said it will cut about 18 percent of its workforce and sell non-core assets as part of its efforts to reduce costs and achieve positive operating cash flow. The Canadian cannabis company also announced changes to its leadership team.
Vivo said it will eliminate about 18 percent of its workforce, or about 45 jobs, this week, with the vast majority from the “rightsizing” of Napanee operations.
The company plans to carefully manage expenses and achieve positive adjusted EBITDA during the first half of 2021.
Following completion of a strategic review of its overall Canadian cannabis operations, Vivo’s Napanee-based operations will now focus on low-cost cultivation (airhouse-grown) as well as the extraction and manufacturing of its Cannabis 2.0 concentrates.
The company will also centralize other activities such as packaging and distribution at its Canna Farms facility in Hope B.C. Further, Vivo will monetize non-core assets and curtail capital expenditures as it has…