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One of the OG’s of legal cannabis Tilray announced this week that the company was restructuring and laying off 10% of its workforce. The company said its focus is on becoming profitable and it will target its domestic recreational markets and its Manitoba Harvest hemp food acquisition.
Tilray wasn’t alone on the layoff announcement, Aurora Cannabis also said it was cutting its workforce by 10% too and the company also laid off its founder Terry Booth. The company is also restructuring and cutting back on expenses across the board.
In sad news, Whoopi & Maya has closed its doors. Apparently there was a conflict between the founders Whoopi Goldberg and Maya Elisabeth that couldn’t be resolved.
Ok, on to some cheerier news
GW Pharmaceuticals said it was applying to use its cannabis-based drug Epidiolex to treat a condition called tuberous sclerosis, a disorder known for causing non-cancerous tumors on an afflicted person’s body.
Lift & Co. reported that its total revenues for the third quarter increased 11% to $926 thousand. Revenue increased for the last nine months by 41% to $4.6 million. The company’s well-known trade show reported income of $3.5 million for the past nine months and net income for its evens of $1.1 million, beating last year’s numbers.
Golden Leaf is acquiring Oregon’s extract company Tozmoz for roughly $2.8 million.
Planet 13 said that its café and event space is paying off. The Las Vegas dispensary said January sales remained strong with an average ticket price of $100.
And Field Trip Ventures closed on its Series A fundraising round of $8.5 million.