Cannabis company Acreage just cut 40 jobs following a strategic review, and it’s the latest sign of a tough environment for cannabis sellers

Acreage Holdings eliminated 40 positions after a strategic review of the company’s spending.The company posted disappointing fourth-quarter earnings, amid a tough market for cannabis companies. An Acreage spokesperson told Business Insider that the company is also hiring for a number of open roles.Click here for more BI Prime stories. Multi-state cannabis company Acreage Holdings eliminated 40…

Cannabis company Acreage just cut 40 jobs following a strategic review, and it’s the latest sign of a tough environment for cannabis sellers

Acreage Holdings eliminated 40 positions after a strategic review of the company’s spending.The company posted disappointing fourth-quarter earnings, amid a tough market for cannabis companies. An Acreage spokesperson told Business Insider that the company is also hiring for a number of open roles.Click here for more BI Prime stories.

Multi-state cannabis company Acreage Holdings eliminated 40 positions earlier this week in a strategic reassessment of its spending, a source familiar with the matter said.The source added that the job cuts were across the organization and not concentrated in one specific team or department. Acreage Holdings has well over 250 employees, a company spokesperson said. Reports of the job cuts first surfaced on Twitter on Tuesday from @BettingBruiser, who posted a snippet of a memo circulated to Acreage employees. Business Insider then reviewed a full copy of the memo. “In releasing our corporate strategic objectives, I shared with you that we would be faced with many decisions that will be straightforward, while others may be very difficult,” the memo, signed by Acreage Chief Operating Officer Robert Daino reads. “Well, today we made some of those very difficult decisions as we notified a number of our colleagues across our organization that their employment has been eliminated as of today. These decisions, while difficult to communicate, were necessary.” ‘This is a tough day'”This is a tough day, but the executive team and I are counting on you to come together as an integrated team, laser-focused upon our objectives, and passionate about executing with precision,” the memo said.

After viewing the memo, Business Insider reached ou
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