CORPORATE FALLOUT CONTINUES
Phoenix-based MSO Harvest Health and Recreation and Verano Holdings have mutually terminated their plans for a merger, originally valued at $850M.
MJBiz
The current crisis made it impossible for the necessary (unspecified) agencies to clear the deal Verano CEO George Archos said. The companies also cited adverse market conditions.
Meanwhile, web portal Leafly laid off 91 employees representing 39% of its staff. Leafly previously cut 54 roles in January.
Business Insider
- Geekwire notes competing sites like Wikileaf and Weedmaps have gained on Leafly in traffic.
- Ben Adlin, a journalist who left Leafly some time ago, broke the news on Twitter.
hearing reports from workers that @leafly is laying off 91 employees and giving them one week of severance pay. i've called leafly's pr person to confirm.
[gravityform id="5" title="true" description="false" ajax="true" tabindex=""]full disclosure: i worked for leafly for 4 years and continue to do so in a freelance capacity. the company owes me $6,700.
— Ben Adlin (@badlin) March 23, 2020
Quick Hit
- Investing site Equity Guru called edibles-maker Plus Products “the least bullshitty cannabis company on the planet.”