Vertically integrated marijuana company MedMen, one of the most high-profile cannabis retailers in the U.S., announced more layoffs on Wednesday.
“This week, the company provided layoff notices to an additional 20% of its corporate-level employees,” MedMen said in a news release.
“In total, over the past 30 days, the company has strategically reduced its corporate headcount by over 40%, representing approximately $20 million in annual salary-related savings.”
MedMen’s downsizing Wednesday follows November news that the California-based company was slashing 190 jobs to shore up its bottom line and adds to the list of cannabis companies that have recently let workers go amid falling stock prices and a lack of outside funding.
It wasn’t immediately clear how many MedMen employees lost their jobs in the company’s latest downsizing, but the November layoff announcement included 80 workers at the corporate level. As of the end of October, MedMen had roughly 1,300 employees.
The news was part of a release that highlighted pivots MedMen has made to its financial situation, along with updated corporate governance strictures.
In another move, MedMen co-founder Andrew Modlin is handing his Class A Super Voting shares to board chair Ben Rose for a year. That gives Rose 50% control of the company, noted Marijuana Business Daily analyst Craig Behnke.
MedMen CEO Adam Bierman said in the release the moves “position MedMen for improved, long-term growth.”
The company is projecting between $225 million and $245 million in revenues for 2020, according to the release.
MedMen owns or operates marijuana retail stores in California, Florida, Illinois and Nevada.
John Schroyer can be reached at [email protected]
Published at Thu, 12 Dec 2019 00:24:33 +0000