Oregon-based marijuana tech company Dutchie laid off 67 employees this week, about 8% of its 700 workers.
Dutchie CEO and co-founder Ross Lipson wrote in a statement to GeekWire that a “dramatic market shift” led management to cut costs in the face of economic uncertainty.
“This decision impacts approximately 8% of the company’s overall workforce,” Lipson told the news site.
Various LinkedIn posts by former Dutchie employees reported a total of 67 layoffs at the company, which serves roughly 5,000 marijuana retail shops across the U.S. with e-commerce solutions and payment processing.
Dutchie, headquartered in Bend, was valued at $3.75 billion last October after a $350 million funding round.
But it’s the latest cannabis tech company to downsize after assessing economic headwinds.
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Layoffs are a signal that marijuana continues to be an ever-emerging modern industry, including some of the pitfalls of mainstream businesses.