Cannabis company Curaleaf Holdings Inc.
is eliminating “several positions” as it follows through on cost-control plans it shared with analysts recently. The company did not provide a specific number of job cuts. “Every responsible business is making tough choices right now, and as the cannabis industry evolves and faces unique challenges, we know there will continue to be ups and downs,” a company spokesperson told MarketWatch in a statement. “Curaleaf has made the difficult decision to eliminate several positions as a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.” The company also cited inflation, increased competition and slowing growth in the sector. On Nov. 8, Curaleaf executive chairman Boris Jordan told analysts the company was “taking appropriate actions” to ensure it continues driving growth and margin expansion next year. “We are taking the steps to right size our cost structure across all areas of the organization,” Jordan said. “We are tightening our belts, reducing store payroll hours and eliminating unnecessary expenditures” as the U.S. cannabis industry is projected to grow 13% in 2023. Shares of Curaleaf are up 0.2% on Wednesday.
Read the original article