Massachusetts cannabis cultivator and retailer INSA is laying off workers due to financial struggles, according to a company spokesperson. The spokesperson did not disclose how many employees would be affected by the layoffs.
INSA operates two cultivation facilities and three retail locations in the state. The company has faced financial challenges in recent months, which have been exacerbated by the COVID-19 pandemic.
The layoffs come as Massachusetts’ cannabis industry is seeing strong demand from consumers, with sales reaching new highs in 2020. However, many companies in the industry have struggled to turn a profit due to high regulatory costs and fierce competition.
INSA is not the only cannabis company in Massachusetts to lay off workers in recent months. Other companies in the state have also struggled financially, with some blaming high taxes and regulatory costs for their difficulties.
Despite the challenges facing the industry, many cannabis businesses in Massachusetts remain optimistic about the future. The state’s cannabis market is expected to continue growing in the coming years, driven by increasing consumer demand and the expansion of legal cannabis across the country.
INSA, a Massachusetts cannabis cultivator and retailer, is laying off workers due to financial struggles. The company has faced challenges in recent months, as have many others in the state’s cannabis industry. Despite the difficulties, many businesses remain optimistic about the future of the industry in Massachusetts, which is expected to continue growing in the coming years.