Inside Caliva’s growing facility. Courtesy of Caliva
- Caliva CEO Dennis O’Malley told Business Insider that the California cannabis retailer won’t be renewing its partnership with the cannabis delivery platform Eaze when the current contract expires in March.
- As part of the move, Caliva will let go of over 200 employees, the vast majority of whom are full- and part-time drivers associated with the partnership.
- In an exclusive interview with Business Insider, O’Malley said Caliva plans to expand its own direct-to-consumer platform, rather than partnering with a distributor.
- He also said the company is closing in on a Series B funding round that will exceed the $75 million Series A the company raised in January 2019.
California cannabis retailer Caliva is taking dramatic steps to shore up its business amid a slump in the cannabis industry.
The company is cutting ties with cannabis delivery service Eaze and plans to lay off around one-third of its workforce, CEO Dennis O’Malley told Business Insider. O’Malley said that Caliva plans to build up its own ability to sell cannabis products and deliver them to consumers, instead.
Caliva is not the only prominent cannabis company to shed employees in recent weeks. Leafly, a cannabis media and information site, cut 54 employees or 18% of its workforce last week, and MedMen — contending with a slumping stock price and layoffs of its own — announced the departure of its co-founder and CEO, Adam Bierman, in January.
The vast majority of the more than 200 employees cut at Caliva will be full- and part-time drivers who delivered cannabis orders placed via Eaze, Caliva CEO Dennis O’Malley told Business Insider in an interview. Caliva said it plans to hire some of them back into other roles at the firm. Caliva has around 700 employees, meaning that the cuts will affect around one-third of its workforce.
The employees were notified of the cuts early Tuesday morning. O’Malley did not say how many roles would be open for the affected workers to apply to.
Published: February 04, 2020
The post Caliva Is Ditching Eaze And Cutting More Than 200 workers appeared first on L.A. Cannabis News.
This news is provided by LA Cannabis News RSS Feed, All credits go to LA Cannabis News.
Disclaimer: All posts made on this website are provided for information purposes only. None of the information here is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, Company, or fund. Before making an investment decision, you should seek the advice of a qualified and registered securities professional. The author is not paid to share this information. Cannabis Investment Group is not paid to share this information and has no business relationship other than shareholder with any company whose stock is mentioned in this article.