MJ Biz report…..MedMen, a Los Angeles-based multistate marijuana operator, announced it is laying off more than 190 employees to shore up its bottom line, joining a growing list of cannabis companies shedding workers amid falling MJ stock prices and a dearth of outside funding.
The cash-strapped, vertically integrated company also disclosed plans to scale back its store openings next year and delay investments in certain markets, including New York and Arizona.
MedMen also is exploring the sale of “certain operations and licenses in states that are currently deemed not critical to the company’s retail footprint.”
In a news release Friday, MedMen said the layoffs include more than 80 corporate-level staffers, amounting to more than 20% of its corporate workforce.
As of Oct. 28, MedMen had more the 1,300 employees, with half of those in retail. The company expects to save approximately $10 million through the head-count reduction, and it signaled that more job cuts are likely on the horizon.