Layoffs In Cannabis Industry Continue: LeafLink Is Latest To Join Curaleaf, Weedmaps And Trulieve

LeafLink, an online wholesale cannabis platform, laid off 80 workers on December 15th, reported MJBizDaily.

“Unfortunately, as the cannabis industry continues to face headwinds and the current macroeconomic environment, we needed to take the next step in our evolution to continue supporting the industry. These changes are in no way a reflection on the incredible talent of our team members, and we wish them all the best.” a company spokesperson told the outlet.

This news comes just two months after Leaflink achieved its big milestone and exceeded $1 billion in payment volume, since the company's inception. The company now has less than 190 employees.

An Industry Trend

LeafLink is by no means the only cannabis company trying to make as big as possible cost savings and laying off staff.

• Curaleaf Holdings (OTCQX: CURLF) laid off around 220 employees in November.

• WM Technology Inc. (NASDAQ: MAPS) recently cut 25% of its workforce or 175 employees.

• Trulieve Inc. (OTCQX: TCNNF) laid off an unspecified number of employees at its McKeesport growing facility in Pennsylvania.

• Leafly (NASDAQ: LFLY) laid off 21% of its workforce in October, claiming annual savings of $16 million.

• The Flowr Corp (OTCEM: FLWPF) cut 40% of its workforce in an effort to save the company from bankruptcy.

• Aurora Cannabis (NASDAQ: ACB) cut 12% of its global workforce in a scheme to save up to $69 million.

• Dutchie laid off 7% of its staff in June.

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Photo by Jeff W on Unsplash

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