SA国际传媒

, a cannabis-focused vaping company with has laid off 25 percent of its workforce, months after losing its long time CEO, .听

Subscribe to the SA国际传媒 Daily

In a statement provided to SA国际传媒 News, , the San Francisco company鈥檚 head of communications, explained the layoff was after a “significant” July “revenue miss.鈥澛�

鈥淚n light of this fact, coupled with evolving business priorities and industry dynamics, we have made the difficult decision to part ways with 65 members of our team, or 25 percent of the organization, effective today,鈥� the statement reads.

Gleason additionally said that the layoffs were 鈥渘ot confined to specific teams.鈥�

About Pax

Started in June 2017 by and , quickly rose to unicorn status – valued at $1 billion or more – from firms like , , and more. The startup鈥檚 most recent investment was announced this April, a $420 million round at a valuation of $1.7 billion.听

, Bharat Vasan, in September. Additionally, , another popular yet controversial vaping company, which PAX spun out of, lost its chief executive, Kevin Burns, in the same month. , as well.听聽

It鈥檚 worth noting that before PAX鈥檚 Vasan left, , according to multiple sources. In regards to whether or not these plans have changed, PAX said聽 in an e-mail that “any talk of an IPO timeline was premature. We are focused on running the business, launching new products, and continue our mission to advance the responsible, legal adult use of cannabis.鈥�

As vaping comes under international scrutiny, PAX Labs is down a CEO, and now a portion of its staff. We’ll see how that slim down impacts its market strength.

Illustration: