NEWS BRIEF

Cannabis event firm Lift announces layoffs amid pandemic

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.

When reached by phone and email, the company would not say how many employees were affected.

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.

For more of Marijuana Business Daily’s ongoing coverage of the coronavirus pandemic and its effects on the cannabis industry, click here.

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