New Brunswick, Canada, marijuana publishing company Civilized Worldwide is “temporarily” laying off its entire workforce ahead of a pending sale to Washington DC-based New Frontier Data.
New Frontier, a data and analytics company, said in a news release it has completed its diligence and will move forward with its acquisition of Civilized.
The companies did not disclose the number of employees that are affected.
The price of the acquisition also was not disclosed, but New Frontier said it will assume Civilized Worldwide’s debts and liabilities.
“Civilized and New Frontier Data have agreed that, in order to allow an effective and successful restructuring, we need to halt day-to-day operations at Civilized, with a temporary layoff of all staff,” New Frontier said in the news release.
Civilized halted operations earlier this week, and New Frontier Data said it wants the publishing company to turn a profit in 2020.
Civilized has offices in New Brunswick and California.
North American cannabis companies have been scaling back their workforces in recent months as part of an industrywide reality check.
Neither New Frontier Data nor Civilized immediately replied to queries from Marijuana Business Daily.
More details about the layoffs can be found here.
Written by Matt Lamers.
View the original article at here.
Marijuana Business Daily