Tilray Brands (NASDAQ: TLRY), will lay off 49 employees at medical cannabis cultivation and manufacturing facility in Cantanhede, Portugal, reported Jornal de Notícias.

The layoffs, which will cut  the workforce by 25%, are expected to occur in the coming three months. A company source clarified that Tilray is not in “economic difficulties”, but rather “making cost cuts” in view of the current market.

Tilray’s net revenue decreased 7% in Q2 2023 when it reported a net loss of $61.6 million as compared to Q2 2022's net income of $5.8 million. 

“We are close to achieving our increased annualized cost savings target of $130 million, consistent with our commitment to building a lean, efficient, and dynamic business that will realize tangible and immediate benefits …

Full story available on Benzinga.com