Not Even Tilray Is Impervious To This Cannabis Industry Trend: Pot Giant Is Latest To Lay Off Staff

Tilray Brands (NASDAQ: TLRY), will lay off 49 employees at medical cannabis cultivation and manufacturing facility in Cantanhede, Portugal, reported Jornal de Notícias.

The layoffs, which will cut  the workforce by 25%, are expected to occur in the coming three months. A company source clarified that Tilray is not in “economic difficulties”, but rather “making cost cuts” in view of the current market.

Tilray’s net revenue decreased 7% in Q2 2023 when it reported a net loss of $61.6 million as compared to Q2 2022's net income of $5.8 million. 

“We are close to achieving our increased annualized cost savings target of $130 million, consistent with our commitment to building a lean, efficient, and dynamic business that will realize tangible and immediate benefits as the market improves,” stated Irwin Simon, Tilray’s chairman and CEO, in the earnings report.

A Growing Industry Trend

Tilray joins many cannabis companies that have recently laid off employees as part of cost-saving measures.

• Columbia Care Inc (OTCQX: CCHWF) is laying off numerous workers at its Saxton facility, per data from the Department of Labor & Industry; 73 employees will be let go effective February 28.

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

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

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

• Trulieve Inc. (OTCQX: TCNNF) laid off an unspecified number of workers 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.

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Photo by CRYSTALWEED cannabis on Unsplash

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