Curaleaf laid off staff in November, an insider revealed. The cannabis giant previously cut 50 jobs and closed its California facility in August. The industry is suffering from collapsing prices, strict regulations, and increased competition.
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Curaleaf, one of the world's largest cannabis companies, has laid off hundreds of employees, insiders have learned.
The company confirmed to Insider that it has laid off about 220 employees ahead of the Thanksgiving holiday.
Curaleaf said in a statement to Insider that the cuts are “part of our efforts to manage costs and drive efficiencies in the face of future economic uncertainty.” A company spokesperson declined to say which divisions the job cuts were concentrated in.
Curaleaf employs more than 6,000 people, according to its website.
“We hate having to break this news, but this decision was not reached easily,” Curaleaf CEO Matt Darin said in a company-wide email sent to employees and seen by Insider. mentioned in. Mr Darling, who took over the top job in May, said Curaleaf was in talks with unionized employees at affected Curaleaf locations.
Curaleaf grows and sells cannabis through stores in 21 states, including Michigan, Illinois, and New Jersey.
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Curaleaf laid off about 50 employees and closed its main facility in Sacramento in August, according to insiders.
“The cannabis industry is rapidly growing and constantly evolving,” Darling said in an email. “In the current environment of inflationary pressures, increased competition and slowing growth, it is incumbent on us to increase efficiency.”
Cannabis companies, from large publicly traded companies to small startups, are struggling. Like other industries, cannabis companies have been battling broader trends such as rising inflation. But the industry also faces its own challenges, including declining wholesale cannabis prices, as well as strict regulations, taxes, and federal violations that make operating a uniquely difficult business.
Darling expects Congress to pass the SAFE Banking Act, a narrow cannabis reform bill that would give cannabis companies the same access to the banking system as other industries, during this year's lame duck period. said.
As Insider reported, cannabis technology company Weedmaps laid off 10% of its workforce in August, and former CEO Chris Beals said in a letter to employees that California The company cited sluggish sales. Cannabis startups Ease and Dutchie cut jobs earlier this year.
Do you work at Curaleaf or were recently laid off? For encrypted messaging, contact Jeremy Berke at jberke@businessinsider.com or Signal at (508) 560-3813.
