It’s been a tumultuous month for Privateer Holdings.
The Seattle-based investment firm, which funds marijuana-related companies across North America, confirmed with GeekWire that it laid off staff last week.
“Last week we made some additional changes to the team to better align our organizational structure with the needs of the business,” the firm said in a statement. “The changes included eliminating some shared service roles at Privateer Holdings, particularly in the IT, HR and Legal departments.”
Privateer wouldn’t disclose the specific number of layoffs. It now employs 136 people, and more than 500 across its entire portfolio.
The cuts come a few weeks after Leafly, a marijuana strain and dispensary resource site owned by Privateer, laid off 13 percent of its workforce.
Privateer, which has raised $140 million to date, also owns and operates Tilray, a Canadian-based brand of medical marijuana, and Marley Natural, an international company started by Bob Marley’s family that sells marijuana products in California, Oregon, and Washington.
Master P lawsuit
Privateer is also dealing with a lawsuit filed Nov. 14 against the firm by Percy Miller, better known as rapper Master P, who alleges that Privateer breached an agreement to produce and distribute marijuana products under his brand.
Court documents filed in the Los Angeles County Superior Court describe the lawsuit as “contractual fraud” and show Miller and Green League Ventures LLC as plaintiffs; Privateer Holdings and its co-founder Christian Groh are listed as defendants.
TMZ first reported on the lawsuit. Asked for comment, a Privateer spokesperson called the lawsuit “nonsense.”