Cannabis company Canopy Growth (NASDAQ: CGC) reported quarterly financial results this morning, but it was another major announcement that has the stock tanking today. At 11:40 a.m. ET, Canopy shares were down 16.4%.

The Canada-based company is restructuring its business as it strives to attain profitability. Canopy Growth will shed its pot-growing assets and transition to a third-party sourcing plan, aiming to save more than $100 million over the next 12 months. The restructuring will also result in the reduction of its workforce by 60%.

Canopy had already begun cost-cutting initiatives last year that included the divestiture of its Canadian retail cannabis operations. Management now expects total annual savings will amount to as much as $230 million.

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Source Fool.com