Trulieve Cannabis lays off Pennsylvania workers on heels of $115M quarterly loss

In at least the second round of layoffs after a brutal quarterly loss, Florida-based multistate operator Trulieve Cannabis cut as many as three dozen workers at a Pennsylvania cultivation facility.

An “unspecified” number of employees at Trulieve’s cultivation and processing operation in McKeesport were laid off, the Pittsburgh Business Times reported.

Though it was unclear how many workers were offered jobs elsewhere in the company and how many were offered severance packages, up to three dozen workers are affected, according to the Business Times.

The Pennsylvania layoffs are the latest job cuts at Trulieve, which employs roughly 8,000.

Trulieve recently cut workers at Florida facilities in Midway, Monticello and Quincy, and a potential class action lawsuit has been field over those layoffs.

A company spokesperson told the Tallahassee Democrat that the Florida layoffs were “an efficiency move” made necessary after Trulieve’s $2.1 billion acquisition of Arizona-based multistate operator Harvest Health & Recreation in 2021.

In November, Trulieve reported a quarterly loss of $115 million during its most recent earnings statements despite growing year-over-year-revenue by 34%, to $301 million.

The company claimed to have 176 dispensaries in eight states as of September, with 120 of those in Florida and 19 in Pennsylvania – two states considered to likely legalize adult-use cannabis over the next few years.

Trulieve is working to make that happen in Florida, pouring money behind a proposed 2024 legalization campaign in the state.

According to the Miami New Times, Trulieve has contributed $15 million to date to the Smart & Safe Florida campaign, which would alter the state constitution to allow existing medical marijuana dispensaries to sell recreational cannabis to adults 21 and older.

Source: https://mjbizdaily.com/trulieve-cannabis-pennsylvania-layoffs-after-115-million-quarterly-loss/