Cannabis Tech Co. Dutchie Slashes Staff By 7% Amid Economic Uncertainty

Dutchie has cut 7% of its staff, reported GeekWire.

According to LinkedIn posts written by employees who got fired, the layoffs included positions in product and recruiting teams.

“I am saddened, frustrated, and genuinely blindsided by this decision,” one of the employees wrote. “Beyond my frustration, confusion, and disappointment, I’m heartbroken,” another laid-off worker said.

While economic uncertainty looming, Dutchie joined other companies that recently cut their staff.

Dutchie is the Bend, Oregon-based company that charges cannabis dispensaries a monthly fee to create and run their websites as well as manage orders. It employs over 700 people.

In the meantime, Dutchie, which serves over 5,000 nationwide announced its plans to launch an ACH-based technology dubbed Dutchie Pay.

After raising $350 million through a Series D financing round last year, the company was valued at $3.75 billion.

That transaction came some seven months after the closing of a $200 million Series C funding round led by Tiger Global, which boosted the company's valuation to $1.7 billion.

Photo: Courtesy of Luca Bravo on Unsplash