Toronto-based marijuana conference company Lift said it temporarily laid off a number of employees and paused unprofitable business segments “to preserve value amidst (the) global pandemic.”
The company says its Lift & Co. Expo will be unaffected by the changes.
Lift plans to rehire those affected by the layoffs “if and when” the COVID-19 pandemic is resolved, the release said.
“Due to the COVID-19 pandemic and the effects the pandemic is having on event businesses around the world, the company has made difficult and strategic decisions intended to preserve cash and long-term shareholder value,” the company said in a news release.
CEO Matei Olaru said the company is “doing everything possible to preserve jobs long term.”
Lift previously reported a net loss in its quarter ending Dec. 31, 2019, of CA$1.6 million.
Shares of Lift & Co. are traded on the TSX Venture Exchange as LIFT.
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