Curaleaf Holdings Inc. is planning another round of layoffs in South Jersey.
Citing slow growth in New Jersey’s nascent legalized cannabis industry, Curaleaf Chief Executive Officer Matt Darin said the multistate operator made “the difficult decision” to eliminate 49 positions at its cultivation facility in Winslow and will be “scaling back production because we have ample supply to meet the market’s current needs.”
The announcement comes about four months after Curaleaf unveiled plans to wind down cultivation at its Bellmawr facility and transfer growing operations to the Winslow site as part of an effort to streamline its business. Of the roughly 40 workers affected by the Bellmawr closure, all but five were offered employment at other locations, Curaleaf has said.
At the time, the MSO, which is licensed to sell medicinal and recreational cannabis at its dispensaries in Edgewater Park, Bordentown, and Bellmawr, said the Winslow grow facility “has the capacity to support New Jersey’s overall market demand.”
Despite being the largest publicly traded cannabis company in the world, with 152 dispensaries and 23 cultivation sites across 19 states, Curaleaf has faced slowing sales in some markets as well as capital challenges and price compression. As a result, the MSO has taken steps to trim operational costs in recent months, including exiting production and cultivation facilities in California, Colorado, and Oregon, in addition to combining operations in Massachusetts into a single facility.
Read more at njbiz.com