Hemp-and-CBD startups GenCanna and Mile High Labs have laid off a number of employees in recent weeks, Business Insider has learned.
Mile High Labs laid off 20 staffers on Thursday, concentrated among entry-level sales roles, the Colorado-based CBD manufacturer's chief financial officer, Jon Hilley, told Business Insider in an interview. Kentucky-based hemp grower and CBD manufacturer GenCanna laid off 65 employees in December, Steve Bevan, the company's president and executive chair, said.
Mile High Labs purchased an $18 million CBD manufacturing facility in Broomfield, Colorado, and relocated the company's operations there last fall. The Denver PostIn a Friday afternoon interview, GenCanna's Bevan pointed to increasing automation of the hemp-and-CBD supply chain as one of the reasons for the layoffs.He said that the company's headcount — excluding seasonal farm workers who harvest the hemp crop — has fluctuated over 2019.
"With hemp at the intersection and cutting edge of federally legal cannabis [hemp] and agriculture, ebbs and flows are to be expected," Bevan said. "During 2019, pricing for products declined across the industry, due to less-than-predicted demand while constraints — common in new agriculture — were greater than expected."
GenCanna is an early entrant to the hemp market. Founded in 2014, the company has remained private butBusiness Insider has previously reported that companies in the broader cannabis industry, from startups to publicly traded behemoths, have cut over 1,000 jobs as the
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barneys workers describe theft, working conditions as 'free for all' - Business InsiderBusiness Insider spoke to four employees speaking on the basis of anonymity who said the environment at the 7th Avenue store has devolved. 😠 JoshMankiewicz When a record store was liquidating in the 90s, employees went in before the markdowns and hid piles of CDs and boxsets above the ceiling tiles. They retrieved their booty during the final days when all things were 95% off. It wasn't theft...technically. 'and the future of its remaining employees' what future they are bankrupt and liquidating the stores there is no future unless i missed something
Source: BusinessInsider - 🏆 729. / 51 Read more »
Impossible Foods CEO calls reports of company backing out of McDonald's deal 'complete bulls**t'CEO Patrick Brown told Business Insider on Wednesday that the company would 'never blow off or disrespect a potential customer.' Is that what one ends up looking like eating those things?
Source: BusinessInsider - 🏆 729. / 51 Read more »
SoftBank-backed Zume is laying off half its staff and shuttering its pizza delivery businessIt represents another black eye for SoftBank's Vision Fund, which has seen a number of its portfolio companies announce layoffs and executive changes over the last year. What a disaster SoftBank is having this year. Especially after the WeWork IPO debacle. Good grief.
Source: CNBC - 🏆 12. / 72 Read more »
Facebook deepfake policy could fall short - Business Insider - Business InsiderUnder Facebook's new policy, users cannot post videos that are manipulated through AI or altered in a way that is misleading to the 'average' person.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How an Ally high-yield savings account helped me pay $33,000 in debt - Business InsiderWhen my husband and I decided to get serious about paying our $33,000 of debt, we started by making automatic transfers into our savings account. STOP SPREADING THIS BS. The debt problem while a lot can be attributed to bad money management, the core problem is people have an income problem, not how they distribute income. How can one pay off a mountain off debt with a few hundred disposable dollars a month if that?
Source: BusinessInsider - 🏆 729. / 51 Read more »