New Brunswick, Canada, marijuana publishing business Civilized Worldwide is “temporarily” laying off its whole workforce ahead of a pending sale to Washington DC-primarily based New Frontier Information.
New Frontier, a information and analytics business, stated in a news release it has completed its diligence and will move forward with its acquisition of Civilized.
The corporations did not disclose the quantity of staff that are impacted.
The value of the acquisition also was not disclosed, but New Frontier stated it will assume Civilized Worldwide’s debts and liabilities.
“Civilized and New Frontier Information have agreed that, in order to enable an successful and profitable restructuring, we require to halt day-to-day operations at Civilized, with a short-term layoff of all employees,” New Frontier stated in the news release.
Civilized halted operations earlier this week, and New Frontier Information stated it desires the publishing business to turn a profit in 2020.
Civilized has offices in New Brunswick and California.
North American cannabis corporations have been scaling back their workforces in current months as aspect of an industrywide reality verify.
Neither New Frontier Information nor Civilized quickly replied to queries from Marijuana Business enterprise Every day.
Extra specifics about the layoffs can be found right here.