Canopy Growth, backed by Corona beer maker Constellation Brands, will close major operations and cut 60 per cent of its jobs as it says Canada’s marijuana industry has failed to meet expectations due to competition from a thriving black market.

The scaling back of Canada’s second-largest pot producer is the second restructuring in less than 12 months. Together with job cuts announced in April, Canopy estimates it can save as much as $C310 million ($332 million) and be profitable, helping it become the right size for Canada, and enter the US through Canopy USA.

Bloomberg