The once high-flying marijuana industry is expected to endure more layoffs and pain in 2023 – and perhaps beyond – after a tough year marked by companies cutting hundreds of employees amid falling wholesale prices and slowing demand.
The layoffs have involved a range of businesses, including large multistate operators such as Curaleaf Holdings and Trulieve Cannabis as well as smaller tech companies.
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Several high-profile industry executives also have exited the scene, underscoring how the fallout has spread to the C-suite level.
“I don’t think layoffs have peaked. I think this will continue into 2024 for sure,” Sara Gullickson, CEO and founder at The Cannabis Business Advisors, wrote in an email to MJBizDaily.
Through the first part of the COVID pandemic, people were receiving government assistance, many were working remotely. Sales exploded.
This environment fueled additional spending in the cannabis sector, according to Gullickson.
Now, consumers
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