- Insider learned that Curaleaf laid off its staff in November.
- The cannabis giant previously laid off 50 jobs in August and closed a facility in California.
- The industry is suffering from a crash in prices, heavy regulation and increased competition.
Curaleaf, one of the world’s largest cannabis companies, has laid off hundreds of employees, Insider learned.
Speaking to Insider, the company laid off about 220 employees ahead of the Thanksgiving holiday.
Curaleaf told Insider that the cuts are “part of an effort to control costs and improve efficiency in the face of future economic uncertainties.” A company spokesperson did not disclose which departments the cuts were concentrated in.
Curaleaf employs more than 6,000 people, according to its website.
“I don’t like having to break this news and we didn’t come to that decision easily,” Curaleaf CEO Matt Darin said in an email to employees across the company and reviewed by Insider. said. Darin, who took over the top position in May, said Curaleaf was in talks with unionized employees at affected Curaleaf locations.
Curaleaf grows marijuana and sells it through shops in 21 states, including Michigan, Illinois, and New Jersey.
Curaleaf previously laid off about 50 workers and closed a major facility 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, it’s up to us to be more efficient.”
From public giants to small startups, cannabis companies are having a hard time. Like other industries, cannabis companies are struggling with broader trends such as rising inflation. But the industry faces its own challenges, such as the wholesale cannabis price drop, as well as heavy regulations, taxes, and federal outlaws that make doing business uniquely difficult.
Darin said he hopes Congress will pass a narrow cannabis reform bill, the SECURE Banking Act, that would allow cannabis companies to access the banking system like any other industry during the lame duck period of this year.
Curaleaf isn’t alone in making the cuts: Cannabis tech firm Weedmaps laid off 10% of its employees in August, and now former CEO Chris Beals cited slowing sales in California in a letter to employees, Insider reports. Marijuana startups Eaze and Dutchie laid off their staff earlier this year.
Do you work at Curaleaf or have you recently been laid off? For encrypted messaging, contact Jeremy Berke at firstname.lastname@example.org or at Signal at (508) 560-3813.