MJ Biz are reporting..
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 payroll by 10% in the latest sign of the ongoing difficulties for the cannabis market as a whole.
The payroll reduction – which amounts to a 4% cut in Curaleaf’s workforce – will save the Wakefield, Massachusetts-based company $60 million in 2023, according to a news release.
In reporting third-quarter 2022 results last November, Curaleaf said it employed about 6,000 and operated in 22 states.
Curaleaf’s cutbacks come as a host of other cannabis companies have cut hundreds of 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.
Read more at https://mjbizdaily.com/marijuana-mso-curaleaf-bails-on-california-oregon-colorado-cuts-workforce-by-10/
Of course it has nothing to do with these revelations last month!
Russia’s Abramovich Gave Largest US Weed Company Millions
The largest US marijuana company received hundreds of millions of dollars in financing from Roman Abramovich during its early years, but the Russian billionaire exited long ago, Curaleaf Holdings Inc. Executive Chairman Boris Jordan said in response to a media report.
Forensic News reported Friday that leaked documents show Abramovich funded Palliatech, the company that in 2018 became Curaleaf, as well as Measure 8, a cannabis-focused venture capital firm founded by Jordan. While the Russian background of key Curaleaf executives was already well known, Abramovich’s involvement wasn’t. Companies with connections to Russia have been under scrutiny since the invasion of Ukraine, which sparked sanctions on some Russian oligarchs and businesses.