- Curaleaf laid off employees in November, Insider has learned.
- The cannabis giant previously cut 50 jobs and closed a facility in California in August.
- The industry is suffering from falling prices, heavy regulation and intensified competition.
Curaleaf, one of the largest cannabis companies in the world, has laid off hundreds of its employees, according to insiders.
The company laid off about 220 employees ahead of the Thanksgiving holiday, the company confirmed to Insider.
In a statement to Insider, Curaleaf said the cuts are “part of an effort to control costs and increase efficiency in the face of the economic uncertainties ahead.” A company spokesman declined to say which departments the cuts will focus on.
Curaleaf employs over 6,000 people, according to its website.
“I don’t like breaking this news, and we didn’t make this decision lightly,” Curaleaf CEO Matt Darin said in a company-wide email sent to employees and reviewed by Insider. Darin, who took over the top position in May, said Curaleaf is in talks with unionized workers at affected Curaleaf sites.
Curaleaf grows and sells cannabis through stores in 21 states, including Michigan, Illinois and New Jersey.
Curaleaf previously laid off about 50 workers and closed a large plant in Sacramento in August, Insider reported.
“The cannabis industry has grown rapidly and is constantly evolving,” Darin said in the email. “In the current environment of inflationary pressures, increased competition and slowing growth, we need to be more efficient.”
From publicly traded giants to small startups, cannabis companies are going through tough times. Like other industries, cannabis companies are grappling with broader trends like rising inflation. But the industry also faces its own challenges — like falling wholesale cannabis prices — as well as stringent regulations, taxes, and state illegality that make doing business uniquely challenging.
Darin said he hopes Congress will pass a narrow cannabis reform bill, the SAFE Banking Act, that would allow cannabis companies to access the banking system like any other industry during the lame duck period this year.
Curaleaf is far from alone in making cuts: Cannabis tech company Weedmaps laid off 10% of its employees in August, with former CEO Chris Beals citing a drop in sales in California in a letter to employees, Insider reported. Cannabis startups Eaze and Dutchie cut staff earlier this year.
Do you work at Curaleaf or have you recently been made redundant? Contact Jeremy Berke at [email protected] or (508) 560-3813 on Signal for encrypted messaging.