Canopy Growth Corp (WEED)

[Bonno]

Here,s more crappy growth doomedness...

Cuz more corruption is better!


Let's talk about Canopy's gov't subsidies.

Canopy reached into taxpayers pockets for over $65 million in pandemic subsidies to "retain & rehire" staff

Workforce in 2020: 4,434 (3,374 in ????)
March 2022: 3,151 employees (2,174 in ????)

Gone: 1,283 people

Subsequent to March 2022, Canopy cut 8% of its workforce, implying it now employs approx. 2,899 people

1,535 former Canopy employees may be wondering what happened to all that COVID cash.

Taxpayers may also have questions

Cannabis producer Canopy Growth sheds 8% of workforce, eyes CA$150 million more in savings

Canadian cannabis producer Canopy Growth slashed approximately 8% of its workforce Tuesday as part of sweeping changes across the company.

Canada's $100 billion CEWS boondoggle need a federal inquiry. There is no way this is isolated to the cannabis industry.

Where did the money go and exactly how many jobs were "rehired or retained.

UPDATE: Per Canopy's latest financial disclosure (yesterday) Canopy received another $24.4 million of federal government handouts

That brings the total to: ~$84 million

A reminder that cannabis sales GREW SIGNIFICANTLY during the plague.

Canada's federal government dumped $84 million of free money into Canopy specifically to "retain and rehire" workers affected by the pandemic ... then Canopy goes and fires over 1,500 people.

@FinanceCanada
@CanRevAgency
@cafreeland
— anyone awake over there?

That works out to almost $56,000 in free federal government subsidies for every job Canopy terminated.

The gov. subsidies were specifically designed to "retain and rehire" workers affected by the plague.

Thanks Dan Larocque (
@dablarocque
) for the quick math.

The largest cannabis producers in ???? pillaged the federal treasury for hundreds of millions of dollars as national cannabis sales soared, then fired approx. 1/3 of all cannabis industry workers

#CEWSinquiry
@cafreeland

Analysis: Canadian cannabis employment tumbled as producers drew federal COVID-19 cash
Thousands of Canadian marijuana industry workers have lost or left their jobs since early 2020, even as employers received federal subsidies...

As the federal gov't showered cash over Canopy & others, some executives hit the jackpot with retroactive raises, massive cash bonuses, plum golden parachutes, etc.

?? Some CEOs weren't even living in ???? ??

Actually correction:

None of the CEOs of the largest ???? cannabis companies that most benefited from the COVID cash giveaway lived in Canada. Zero.

CEO St-Louis lived in Canada but Hexo didn't received any free federal money.

Why this thread now? Because Canopy released their annual report yesterday, which has new data on employees, free government money, and other fun stuff

Have at it: https://sec.gov/ix?doc=/Archives/edgar/data/1737927/000156459022021923/cgc-10k_20220331.htm

The only large LP that won't say whether it received free gov. money is Tilray

Don't worry I know where to look.

2020: $5,089,635.55
2021: $3,948,645.32

Total: $9,038,280

And Tilray says it's profitable.

#CEWSinquiry
@cafreeland
#cdnpoli

Why is ???? federal gov't handing out millions of taxpayer dollars to a profitable cannabis company that fired hundreds of people during the plague and awarded execs massive, and I mean MASSIVE, cash bonuses?

#CEWSinquiry
@cafreeland
#cdnpoli #cdnbiz
@FinanceCanada

@CanRevAgency

?? Canopy Growth received $69.1 million worth of ???? government handouts for the fiscal year ended March 2022, according to the Lobby Registry

@FinanceCanada

@CanRevAgency

@cafreeland
#CEWSinquiry #cdnpoli #cdnbiz

Canopy breaks down plague wage subsidy in 2 sections for FY 2022: $42.9M applied against SG&A. Separately, they mention $24.4 million applied to COGS. (Thanks
@Porters6thForce
)

Total CEWS giveaway: $67.3 million

I wonder where the other $1.8 million in gov. handouts came from?

?? Canopy received more in federal gov. subsidies in 2022 than it paid in excise tax.

In FY 2022, Canopy Growth:

Paid excise tax to ???? gov: $61.9 million
vs.
RECEIVED gov. subsidies: $69.1 million

#CEWSinquiry
@cafreeland
#cdnpoli #cdnbiz
@FinanceCanada

@CanRevAgency

Canopy came out $7.2 mill ahead.

What a racket!

@FinanceCanada
and 2 others
Works out to ~$56k in gov subsidies for each job they terminated.