Cannabis Movers & Shakers: DJ Khaled Enters CBD Market, Aurora Confirms Layoffs, MedMen Elects New Chair

Here is a summary of the latest company shakeups within the cannabis industry.

DJ Khaled Enters CBD Market Under Partnership With Endexx

Grammy Award-winning artist and media personality Khaled Mohamed Khaled — also known as DJ Khaled — has teamed up with CBD company Endexx Corporation EDXC to launch a new CBD company.

The Los Angeles-based company will collaborate with IMPACT Brokers, the third party in the joint venture expected to lead sales and marketing strategy on behalf of the brand.

The debut of the brand's first collection is scheduled for the next year.

"I was drawn to Endexx Corporation because they're an innovative company that has proven they have the keys to deliver consistently, top of the line, high-quality products," Khaled said.

Endexx Corporation's CEO Todd Davis is "excited" to collaborate with DJ Khaled as his "knowledge and passion for CBD is bountiful."

Aurora Proceeds With Layoffs To Improve Balance Sheet

The Canadian cannabis giant Aurora Cannabis Inc. ACB ACB reported it has shut down its operations at its Aurora Sun facility and also slashed the production at its Aurora Sky facility by 75%.

The reduction of production at Aurora Sky resulted in laying off some 200 employees, Marijuana Business Daily reports.

The move came on the heels of halting operations at one of its Alberta-based facilities when around 30 employees lost their jobs.

Earlier this year, the Edmonton, Alberta-based company cut its workforce by laying off 700 workers, when it revealed plans to terminate operations at several facilities, including activities in Saskatchewan, Ontario, Alberta, and Quebec, as a part of its “business transformation plan.”

MedMen Elects New Chairman Of The Board

Cannabis retailer MedMen Enterprises Inc. MMEN MMNFF has named Tom Lynch the new chairman of the company’s board of directors, replacing Ben Rose, who resigned.

Previously, Lynch served as MedMen’s Interim CEO, upon election to the board last month.

The Los Angeles company recently tapped Tracy McCourt to serve as its new Chief Revenue Officer, on the heels of naming its new directors.

Meanwhile, according to its latest earnings report, the company saw its revenue drop by 40% to $27.4 million in the last three months of fiscal 2020 due to the coronavirus pandemic.