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US: Cannabis business Insa lays off workers, citing out-of-state competition

Cannabis grower and retailer Insa has laid off staff in recent weeks, citing numerous challenges from out-of-state competition that did not exist months before, according to Peter Gallagher, CEO, and co-founder.

“To address these new challenges, we have been focused on implementing important cost-saving measures to align with the new market. It was through this process that the difficult decision was made to eliminate various positions in the company,” Gallagher wrote in an emailed response to questions. “We are providing support and resources to those who have been impacted by this decision to help with the transition.”

It’s a further sign that the buzz is wearing off the state’s cannabis industry, where the price for an ounce of flower now averages $188, according to the Massachusetts Cannabis Control Commission. That’s down from $321 an ounce a year ago and $403 in March 2021.

A store in Northampton, The Source, closed abruptly in December. And last month, a buyer with ideas to grow cannabis pulled out of a deal to buy the former Chez Josef banquet house in Agawam after it couldn’t get financing due to market conditions.

Read the entire article at Masslive


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