(This is a developing story and will be updated.)
Marijuana multistate operator Curaleaf Holdings said Thursday that it will shutter the majority of its operations in three Western U.S. states – California, Colorado and Oregon – and reduce its workforce by 10%, another sign of ongoing difficulties for the cannabis market as a whole.
The payroll reduction will save the Wakefield, Massachusetts-based company $60 million in 2023, according to a news release.
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Curaleaf’s move comes as a host of other cannabis companies have cut jobs in recent months, including Oregon-based Dutchie, California-based WM Technology and Colorado-based Akerna Corp.
All three of the states Curaleaf is exiting have experienced falling wholesale cannabis prices because of excess cultivation capacity that outweighs demand.
For one, California cannabis cultivation capacity is down significantly from early 2022, with some growers choosing not to plant or renew their licenses because of low
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