MedMen, a United States-based cannabis company with operations in Arizona, Illinois, California, Nevada, New York, and Florida, has announced yet another round of layoffs.
The vertically integrated marijuana company announced the layoffs on Wednesday.
“This week, the company provided layoff notices to an additional 20% of its corporate-level employees,” MedMen stated in a news release.
“In total, over the past 30 days, the company has strategically reduced its corporate headcount by over 40%, representing approximately $20 million in annual salary-related savings.”
It was in November that the company had said it was cutting 190 jobs to shore up its bottom line.
At the end of October, MedMen had roughly 1,300 employees.
Also Marijuana Business Daily analyst Craig Behnke has revealed that MedMen co-founder Andrew Modlin is handing his Class A Super Voting shares to board chair Ben Rose for a year, which gives Rose 50% control of the company.
MedMen CEO Adam Bierman said in the release the moves “position MedMen for improved, long-term growth.”