Lift & Co. Corp. announced that it has temporarily laid off members of its workforce and paused operations of non-profitable business segments due to extenuating circumstances outside of the Company’s control. Specifically, due to the COVID-19 pandemic and the effects the pandemic is having on event businesses around the world, the Company has made difficult and strategic decisions intended to preserve cash and long-term shareholder value. The Company remains committed to continuing its profitable Lift & Co. Expo and CannSell lines of business which will be operationally unaffected by these changes.
“We are incredibly saddened by these necessary and difficult actions. Our team members have been tirelessly dedicated to driving shareholder value and building Cohesion and this pandemic and its impact on our operations is a shock to us all,” said Matei Olaru, CEO of Lift & Co. “We are doing everything possible to preserve jobs long term at Lift & Co as we commit to preserving shareholder value and profitably servicing our valued clients during these uncertain times.”
As the COVID-19 pandemic continues to grow and impact commerce globally, Lift & Co. is focusing on ensuring the safety and well-being of its employees and viability of the Company. The Company intends to rehire those affected by the temporary layoffs if and when the COVID-19 pandemic is resolved. Lift & Co. is a publicly traded technology company modernizing the cannabis industry.