Marijuana Business Daily is temporarily laying off around 30% of its staff and ramping up virtual events in response to the economic and financial fallout caused by the COVID-19 pandemic.
The moves are aimed at reducing overall costs amid delayed revenue on the events side of the Denver-based company’s operations and adjusting to near-term uncertainties and changes in the business climate. MJBizDaily, an Anne Holland Ventures company, also is temporarily reducing salaries.
“We’re retooling to focus on the information and connections the cannabis industry needs now while ensuring that MJBizDaily will continue to be a reliable and trusted resource no matter the real-world circumstances the COVID-19 situation creates,” said Chris Walsh, CEO of Marijuana Business Daily.
“We’ve been successful over the years by practicing what we preach in terms of making pragmatic and sometimes difficult decisions. This is certainly one of those times.”
Walsh reinforced that the company will move forward with its flagship MJBizCon trade show and conference in December, adding that bringing the industry together then will be more important than ever.
The company also plans to soon announce several upcoming events and digital offerings to foster industry connections and education throughout the year.
Additionally, MJBizDaily and its sister publication, Hemp Industry Daily, are launching webinar series and new special reports intended to help companies navigate the COVID-19 fallout.
The moves come after MJBizDaily postponed and canceled several upcoming events in light of the pandemic.
Looking ahead, Walsh noted the company aims to bring furloughed employees back on salary as soon as possible when financial conditions permit. Over the next months, MJBizDaily will cover furloughed employees’ health insurance.
“We absolutely realize that our employees are the cornerstone to our success,” Walsh said. “We fully expect that these will be short-term moves and that we can start bringing employees back soon.
“The steps we’re taking ultimately will put us and our employees in good shape when the world emerges from this situation.”