Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -1.40% /zigman2/quotes/202205609/delayed CA:WEED -18.49% is laying off about 250 employees as result of cost-cutting measures, a spokesperson for the cannabis company told MarketWatch. As of March 31, the company had 3,084 employees. Canopy Growth on Tuesday said it expects to generate cost savings of C$30 million ($23.4 million) to C$50 million and reduce SG&A expenses by C$70 million to C$100 million within 12 to 18 months, in addition to its previously announced cost savings of C$150 million to C$200 million. The company expects to book C$250 million to C$300 million in fourth-quarter charges. The majority of the charges will be non-cash and related to the write-down of excess inventory balances as well as property, plant and equipment impairments. Canopy Growth expects to incur between C$100 million and C$250 million in non-cash impairment charges in its fourth quarter, driven by goodwill and intangible asset impairments. Shares of Canopy Growth, which is backed by spirits giant Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ +1.02% , have fallen 39.3% in 2022, compared to a 33.% drop by the Cannabis ETF /zigman2/quotes/213173823/composite THCX +5.15% .