Canndescent: California cannabis startup Canndescent quietly laid off 16 people just days before closing a massive funding round

California cannabis company Canndescent laid off 16 employees on September 5, according to a memo obtained by Business Insider. "We are now well into the year and believe it's important to make immediate changes to our operating plan in order to drive growth and control costs," Chief People Officer Kerry Arnold wrote in the memo. You can read the full memo below. The company closed a $27.5 million funding round five days later that valued the company at over $200 million, Business Insider reported at the time. Click here for more BI Prime stories, and subscribe to our weekly cannabis newsletter, Cultivated. Layoffs are sweeping the cannabis industry. California cannabis... Read More