Colorado cannabis company lays off workers, closes cultivation facility

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One of Colorado’s largest cannabis brands laid off 33 employees – almost a quarter of its staff – and shuttered one of three cultivation sites.

The president of Denver-based Veritas Fine Cannabis confirmed the moves to alt-weekly Westword after downsizing rumors began circulating on social media.

Veritas is the latest U.S. marijuana company to cut expenses amid steadily declining wholesale flower prices and oversaturation of the cultivation and retail sectors.

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Earlier this month, Oregon-based marijuana tech company Dutchie laid off 67 employees, about 8% of its 700 workers.

California-based Eaze recently laid off upwards of 25 workers, and Colorado-headquartered Akerna slashed 59 positions.