The future of a leading company in cannabis cultivation is unknown after it laid off a majority of its employees – including those at its Maple Ridge location on Wednesday, June 28.
Tantalus Labs was a business that prided itself on producing high-quality cannabis products using sustainable cultivation methods, including pure rainwater, full-spectrum light, and elite genetics. It has filed a Notice of Intent for Restructuring (NOI) in Canadian Federal Court.
Tantalus founder Dan Sutton made the announcement “with a heavy heart” in a statement on behalf of the company. “Notwithstanding years of advocacy with government, we have been unsuccessful in achieving excise tax reforms that would permit a business of our scale to continue to operate successfully in its current form within the Canadian cannabis industry,” he said.
Sutton said he had to lay off a substantial majority of his team, retaining only a few key employees who will be able to help with the “complexity” of the restructuring process. He would not say how many employees he had to lay off. It is unclear whether the Maple Ridge location will be shuttered or remain open.
Read more at mapleridgenews.com