Pasha Brands (CSE: CRFT) is the latest cannabis firm to experience layoffs in the sector. The firm announced after hours today that they had laid off “approximately a dozen people” out of their total workforce of fifty employees. The layoffs were stated as being necessary to focus its resources on generating revenues from its brands group.
The layoffs at the firm are primarily centered on Pasha’s client services and communications divisions, and consisted of both employees as well as contractors. In speaking to Marketwatch earlier today, executive chairman Patrick Brauckman confirmed that at least six of the employees were listed as contractors for Pasha Brands, and that some would continue to work on a commission basis for the firm. The move was conducted as a means of reducing overhead for the small cap issuer given the current cannabis landscape in Canada.
Rumours related to the layoff began to swirl this morning when twitter user @BettingBruiser began a thread on information he’d received related to the layoffs occurring. MarketWatch later reported on the matter, confirming the rumours to be true that layoffs did in fact occur at Pasha.
In conjunction with the layoffs, current chief executive officer Jason Longden commented that while some had been let go, other employees were re-purposed in conjunction with renewed focus on getting its Grizzlers and Roll Models pre-roll brands on store shelves. Those products are expected to arrive on store shelves within the first quarter of 2020, following the first expected harvest of a micro cultivation facility next month. The firm expects three of its micro cultivation assets to conduct their first harvests throughout the month of December.
Pasha Brands last traded at $0.13 on the Canadian Securities Exchange.
Information for this briefing was found via Sedar, MarketWatch, and Pasha Brands. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
