Tilray says company has cut 10% of workforce to reduce cost, become profitable

TORONTO (Reuters) – Tilray Inc <TLRY.O> has cut 10% of its 1,443-strong workforce as part of a global restructuring effort to cut costs and achieve profitability, the Canadian cannabis producer said on Tuesday.

“By reducing headcount and cost, Tilray will be better positioned to achieve profitability and be one of the clear winners in the cannabis industry,” the company said in an e-mailed statement. “The tough decision to eliminate roles has not been taken lightly.”

(Reporting by Nichola Saminather; Editing by Sandra Maler)