Brenda O’Farrell
Investing.com – Shares of Tilray Inc (NASDAQ:TLRY) were down in early trading on Wednesday, one day after the Canadian cannabis grower announced it had cut its workforce by 10% in order to reduce costs.
Cutting its workforce, which numbered more than 1,400, is part of a global restructuring, the company said in a statement.
Tilray shares, which are only traded on the U.S. Nasdaq exchange, closed up yesterday 3.3%. By noon on Wednesday, they were down just over 1.7%, hitting US$17.84.
According to the company’s statement, Tilray’s cost-cutting moves are aimed at achieving profitability.
The company will focus on its international medical cannabis, the Canadian recreational market, research and its Manitoba Harvest hemp food product line.
In the past year, Tilray stock has dropped 78%.
In its last quarterly report, the grower posted an adjusted net loss of $49 million.