Organigram to temporarily lay off nearly half of its staff, will continue to manage existing inventory amid COVID-19
Organigram Holdings is temporarily laying off nearly half of its staff due to COVID-19 as the Canadian cannabis producer looks to mitigate the impact caused by the pandemic. In a release late Monday, Organigram said it would temporarily reduce its workforce by 45 per cent, representing about 400 of its employees, to help contain the potential spread of COVID-19. Organigram said it offered voluntary layoffs to certain staff, which accounted for the majority of the reduction, but also cut staff in administrative and support roles that it deemed non-essential. The company added that it has enough staff to handle existing inventory and packaging capacity to meet current demand for its product.
Rubicon begins U.S. divestment with greenhouse sale for US$8.5M
Rubicon Organics said it has sold a greenhouse facility in the state of Washington for US$8.5 million to a group of unnamed real estate investors in a moved aimed at bolstering its balance sheet. Rubicon said it will continue to dispose of its U.S. assets, which include a three-acre land parcel in California and certain cannabis extraction equipment. "The sale of its Washington asset provides Rubicon with a nice cash injection during a period when access to capital remains challenging for the industry," said Desjardins analyst John Chu.
Lift moves cannabis expo to November, to showcase psychedelics industry
Lift & Co. is moving its annual Canadian cannabis expo to November due to the COVID-19 pandemic. The expo, the largest such event on the cannabis industry calendar, had been scheduled for the last weekend in May, but will now take place Nov. 22-25 at the Metro Toronto Convention Centre. It will include one day dedicated to psychedelics. Lift also said that it has struck a deal with MCI USA to operate the expo for an undisclosed management fee.
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