Adult-use marijuana companies struggle to stay afloat amind overproduction,falling prices

In several of the longer-running recreational marijuana programs –Colorado, Oregon and Washington state – times are tough and getting tougher.

Both retailers and cultivators told MJBizDaily’s Patrick Maravelias and Bart Schaneman that too much competition and continuously sliding prices are pushing entrepreneurs to take their exits.

Those holding on are trying new tactics, including offering aggressive product discounts and pivoting to other sectors.

“I thought we’d have a few more years where smaller, mom-and-pop marijuana companies could thrive,” Bart said.

“But it looks like as prices drop only those with the deepest pockets are going to be able to make it.”

Consolidation and corporatization of the cannabis industry have been happening for years, and they seem to only be accelerating, Pat and Bart point out in their story.

Aurora Cannabis cutting 12% of workforce in ‘reorganization’

Aurora Cannabis is cutting 12% of its global workforce as part of a corporate restructuring, the Edmonton, Alberta-based company confirmed in an email to MJBizDaily .

The company said it identified additional cost savings worth up to 90 million Canadian dollars ($69 million) to support its path to profitability.
How marijuana retailers are getting involved in Pride Month

To take advantage of LGBTQ Pride Month, cannabis retailers are running product promotions tied to the celebration, selling Pride-themed marijuana strains and hanging rainbow flags in their stores to show their support.

Business owners who opt to make efforts in the name of diversity and inclusivity have reported better employee retention, better community relations and increased social media engagement.