StickIt Technologies has announced a reorganization and reduction of significant expenses.
As part of the reorganization, the company intends to reduce significant expenses in its activities around the world. The company decided in January 2024 to close the raw materials factory in Galilee, Israel, due to the war and move the raw materials production activity to Calgary, Canada. During the end of the 3rd quarter of 2024, the company intends to close its subsidiary StickIt Thailand Ltd (based in Thailand) in accordance with the government's statement on ending the recreational use of cannabis in the country. The company also intends to close StickIt Spain's CBD manufactory and the company's offices in Barcelona and transfer the producing franchise to a local distributor.
"The world's cannabis industry is facing many challenges - which affects most companies in the industry and probably affects the share value. It is necessary to reduce costs and try to increase our technology sales worldwide. These actions will save the company about $120,000 CAD a year," concluded Eli Ben Haroosh, CEO of StickIt Technologies Inc.
The CEO went on to say that during Q3 2024, StickIt's Research Unit will produce the special THC straw for mass creation.
For more information:
StickIt Technologies
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stickit-labs.com