FIRE Stock Falls: Supreme Cannabis Reduces Workforce by 15%
FIRE stock is trading lower this morning after The Supreme Cannabis Company (TSX:FIRE) (OTCQX:SPRWF) said it would shed 15% of its staff in order to focus on “near-term revenue growth.”
The past few days have been quite difficult for the cannabis industry, with several companies announcing layoffs and others notifying about the departure of top executives—the most prominent being Aurora Cannabis (TSX:ACB) (NYSE:ACB). The latest cannabis company to announce layoffs is The Supreme Cannabis Company, which made the announcement late Tuesday.
More Focused on Revenue Growth
The company revealed that it is going to lay off as many as 15% of its employees, and Supreme added that the move is aimed at boosting the company’s revenue growth in the near-term.
Supreme Cannabis stated that as many as one-third of the employees at the executive levels will be let go, while 13% of those working in production are also going to be laid off. At this point in time, the company has 700 employees on its payrolls.
At the time of writing, FIRE stock is down by 4.50% at C$0.42.
In addition to the layoffs, it seems that the company is also scaling back its expenses considerably.
The Supreme Cannabis Company revealed that it has shelved its plans to invest in the United Kingdom and Europe. Supreme stock has tanked considerably over the past year and has lost as much as 77% during the period.
Despite the fact that Supreme has managed to grow its revenue by 349% year-on-year to hit $41.8 million, FIRE stock has pummeled. The industry has suffered from its own set of troubles, which may, in part, be a reason for FIRE's performance.
FIRE stock has fallen over 35% so far this year.
What do you think about the most recent news from The Supreme Cannabis Company?
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