A Canadian cannabis company that is ratcheting back its marijuana business, The Green Organic Dutchman (TGOD), apparently has no plans to slow hemp production.
The news comes as TGOD suspended production at its processing facility in Quebec and is laying off staff.
The Green Organic Dutchman has a European subsidiary, HemPoland, that sells CBD products, but according to BNN Bloomberg, 100 people are still employed at the Gda?sk-headquartered company.
TGOD said Wednesday that it would reduce its staff at its Valleyfield facility, where it is suspending operations. The company cited market conditions.
CEO Brian Athaide also noted in a statement that “multiple factors, most particularly the COVID-19 pandemic, are contributing to an environment in which we must be extremely prudent with how we manage our cost structure.”
The layoffs affected about 30 employees, Marijuana Business Daily reported.
The Green Organic Dutchman trades on the Canadian Securities Exchange as TGOD.
