Canadian cannabis producer BZAM Ltd. (CSE: BZAM) (US-OTC: BZAMF) has laid off over 90 employees at two of its facilities in British Columbia and Ontario as part of the final phase of its plan to unlock company-wide synergies following the merger of BZAM Holdings Inc. and The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (CSE: TGOD).
The Vancouver-based company said the plan included:
- Elimination of redundant facilities;
- Realigning the company's production activities across remaining sites to maximize efficiencies; and
- Reduction of selling, general and administrative expenses to achieve its goal of positive EBITDA.
CEO Matt Milich said he expects changes following the merger would allow the company to "thrive in both the Canadian and international markets."
"It is no secret that the Canadian cannabis industry needs to work through a period of consolidation," Milich said. "While not an easy road, we are proud ...