The cannabis industry has been left reeling recently after major players in the space announced large workforce reductions. The layoffs came amid slow retail rollouts, industry scandals, and poor quarterly results, which have weighed down the beleaguered sector. Last Thursday (October 24) saw downsizes from both HEXO and CannTrust Holdings. HEXO’s announcement notes that the company has eliminated approximately 200 positions across all departments and locations, including losses at the executive level with the resignation of former Chief Manufacturing Officer Arno Groll and former Chief Marketing Officer Nick Davies. The two executives join former CFO Michael Monahan, who resigned from the firm earlier this month due to the time and location restrictions accompanying the role. Quickly changing market and regulatory environments were part of the decision to downsize, HEXO told investors, noting that the company is now focused on profitability and long-term stability.
Hemp Land, Cannabis Hemp Blog, 06/11/2021 04:43:00