Business
Marijuana tech platform Flowhub cuts dozen employees amid market downturn
Flowhub, a marijuana software technology platform, laid off roughly 12 workers this summer in a corporate restructuring move.
The Denver-based business cut about 15% of its staff, or about a dozen employees, in July, according to Business Insider, which first reported the layoffs.
Flowhub joins a growing list of cannabis companies across the country that have laid off hundreds of employees and also closed grow sites and retail stores.
Meanwhile, Flowhub CEO Kyle Sherman told the Denver Business Journal the job cuts were necessary because “the reality of the current environment required us to reexamine operational costs against future business plans.”
Less than a year ago, Flowhub closed a $19 million strategic raise to help the company expand into emerging markets and grow a social equity program.
The $19 million increased Flowhub’s total capital raised to $50 million.
Source: https://mjbizdaily.com/marijuana-tech-platform-flowhub-cuts-dozen-employees-amid-market-downturn/