Canada’ s cannabis industry has been shedding jobs in the wake of a disappointing year
Lift & Co., a Canadian media and data analytics company, underscored what has been a rocky year for Canada’s cannabis industry by letting to of 13 employees this week.
The layoffs, which come just a month after the company hosted the 2019 Canadian Cannabis Awards, were spread across the Toronto-based company.
“Lift & Co. undertook an important review of our strategic priorities going into the second year of legalization, while keeping a close eye on the overall trajectory of the industry. We made the difficult decision to eliminate 13 roles across the organization to focus on those priorities and move forward efficiently,” Jon Kamin, chief revenue officer for Lift & Co., told Puff Puff Post.
In some ways, Kamin said, the company was a victim of its own success. “Over the first year of legalization, Lift & Co. invested heavily in new tools that enable the cannabis industry to operate, and laid tracks for our own future success — notably the launch of our data insights platform Cohesion and partnership with Nielsen, and our national retail training program CannSell that includes multi-year exclusive approval for Ontario through the AGCO,” he said.
“Those, and our existing lines of business, including events and the Lift.co platform remain our focus in 2020,” he added.
Close to 600 cannabis industry workers have lost their jobs in the past few months, according to Business Insider. Those numbers don’t even take into account New Brunswick-based cannabis publication Civilized, which laid off its entire staff, at least temporarily, earlier this month in advance of being bought out by a U.S. analytics company.
Analysts expected retail cannabis to be a multi-billion dollar sector by the end of 2019, but Statistics Canada figures show sales were just shy of $1 billion. The numbers revealed some $907.8 million worth of regulated cannabis was sold online and in retail stores between October 2018 and September 2019.
But the national figure dwarfs predictions made by analysts at firms like Deloitte, which forecasted $4.34 billion in retail sales. Deloitte recently acquired consultant company Cannabis Compliance Inc.
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Written by David Yasvinski