Cannabis event firm Lift announces layoffs amid pandemic

Toronto-based marijuana conference company Lift said it temporarily laid off a number of employees and paused non-profitable business segments “to preserve value amidst (the) global pandemic.”

The company says its Lift & Co. Expo will be unaffected by the changes.

When reached by phone and email, the company would not say how many employees were affected.

Lift plans to rehire those affected by the layoffs “if and when” the COVID-19 pandemic is resolved, the release said.

“Due to the COVID-19 pandemic and the effects the pandemic is having on event businesses around the world, the company has made difficult and strategic decisions intended to preserve cash and long-term shareholder value,” the company said in a press release.

Lift CEO Matei Olaru said the company is “doing everything possible to preserve jobs long term.”

Lift previously reported a net loss in its quarter ending Dec. 31. 2019 of CA$1.6 million.

Shares of Lift & Co. are traded on the TSXV Exchange as LIFT.

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Originally posted on Cannabis event firm Lift announces layoffs amid pandemic via Cannabis Industry News