Curaleaf announces layoffs to cut costs in "challenging industry"

Curaleaf CEO Matthew Darin has sent a letter to his employees announcing layoffs. The number of job cuts is not yet known. "I don't like having to deliver this news, and we haven't reached this decision easily. As you likely know, all responsible companies are making these difficult but necessary changes to ensure long-term stability," Matthew says in the letter shared on Linkedin. "As we plan for 2023 and beyond, we have been evaluating all aspects of the company to re-prioritize and allocate resources where they are most needed and reduce spending."

Matthew mentions the state of the industry as the reason for this decision. "While we are optimistic about the prospects for SAFE banking and 280E reform in the future, this does not change the economic realities of today. The cannabis industry has grown fast and is constantly evolving. In the current environment with inflationary pressures, increased competition and slowing growth, it's incumbent on us to be more efficient. We must get leaner, reduce overhead, and do more with less. And we must continue to balance the complexity and unique challenges of the industry when we anticipate our future needs."

"Our business is well positioned to sustain any headwinds that may be coming, and I've never been more confident in the future of this industry, but in order to position Curaleaf to be the global leader, these changes are necessary," he continues. "As CEO, it is my job to make sure the company is positioned for success and longevity."

The whole letter is available on this LinkedIn post.

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