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
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