Marijuana MSO Curaleaf lays off 49 employees in New Jersey

Citing an oversupplied market, marijuana multistate operator Curaleaf Holdings is laying off 49 workers at its production facility in Winslow, New Jersey.

The Winslow facility still employs 150 workers, according to ROI-NJ. And New York-based Curaleaf employs about 400 in New Jersey.

CEO Matt Darin told ROI-NJ the state’s 35 dispensaries are well supplied and that Curaleaf has too much unsold inventory.

“This is basically scaling back production because we have ample supply to meet the current needs,” Darin said.

“We’ve been in communication with the union and regulators and have been really transparent throughout the process.”

Darin added that he hopes far more dispensaries open across New Jersey by the end of the year.

That would permit the sale of more product.

Layoffs have been common in the cannabis industry in the past two years.

In March, Curaleaf closed a separate New Jersey production facility, in Bellmawr.

That closure affected 40 workers. Curaleaf also operates three retail outlets in the state.

In January, Curaleaf exited the California, Colorado and Oregon markets.

Curaleaf operates in 19 states.

The company trades on the U.S. over-the-counter markets as CURLF and on the Canadian Securities Exchange as CURA.

Source: https://mjbizdaily.com/marijuana-mso-curaleaf-lays-off-49-employees-in-new-jersey/