One of the leading vaping pen companies in the marijuana industry has let go of many of its workers.
California-based Pax Labs said on Monday that it laid off 65 workers, or 25% of its workforce, after missing its revenue projections.
In an emailed statement to Marijuana Business Daily, Pax spokeswoman Dianne Gleason stated, “In light of evolving business priorities, we have made the difficult decision to part ways with 65 members of our team, or 25% of the organization, effective (Monday).”
The company’s interim CEO Lisa “LD” Sergi wrote in a letter to all employees dated Oct. 8th that, “in light of our recent revenue miss and commitment to financial responsibility we’re in the process of working through the requisite budget adjustments.”
Last month Pax ousted its CEO Bharat Vasan.
It was also last week that marijuana advertising giant Weedmaps announced it laid off 25% of its workforce.
On its website, Pax notes the company ” is backed by leading technology investors including Fidelity Investments, Tiger Global and Tao Invest.”
