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Marijuana MSO Curaleaf confirms more layoffs ahead of potential move to TSX

Marijuana multistate operator Curaleaf Holdings has terminated an unspecified number of employees in another round of layoffs.

In a short, emailed statement to MJBizDaily on Monday, spokesperson Jordon Rahmil confirmed Curaleaf’s latest round of layoffs but declined to share specifics.

“We can confirm that some positions have been eliminated as a part of a continued effort to identify synergies and further business optimization and integration,” the company said in the statement provided by Rahmil.

“While it’s never an easy decision to lose team members, this process is a normal course of business as we continue to balance our needs and resources to drive the business forward.”

The Wakefield, Massachusetts-headquartered MSO declined to comment further about the number of workers being let go or which locations were affected.

The layoffs were first reported by journalist Grant Smith Ellis on X, the platform formerly known as Twitter.

The cuts follow Curaleaf’s termination of up to 89 jobs in New Jersey in July and March.

They also follow the company’s July filing to uplist to the Toronto Stock Exchange.

Curaleaf, which currently lists on the Canadian Securities Exchange (CURA), saw those shares drop about 6% during trading Monday.

The company is expected to present its third-quarter earnings report on Nov. 9.

Curaleaf has operations in 17 states, employing about 5,500 people at 150 retail stores as well as 21 cultivation and 23 processing facilities, according to the company’s most recent quarterly report.

A New York-based official with the United Food and Commercial Workers, which organizes Curaleaf operations in several states, said it had not heard about any union members being affected by layoffs.

In filings, Curaleaf said it is focusing its strategies on states that cap the number of marijuana business licenses issued.

The company ceased operations in California, Colorado and Oregon earlier this year but spent $20 million to acquire a Utah medical marijuana dispensary.

Curaleaf has struggled this year.

The company reported losing 115 million Canadian dollars ($84 million) on CA$675 million in revenue through the first six months of 2023, according to Curaleaf’s most recent quarterly filings.

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