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CEDAR RAPIDS — Acreage Holdings, which owns medical marijuana manufacturer Iowa Relief, said it will temporarily halt wholesale operations in Iowa, becoming the latest in a string of cannabis-related closures with potential consequences for the state’s fledgling program.
The announcement means the temporary closure of a 5,000-square-foot cannabis cultivation and processing plant in southwest Cedar Rapids, where Iowa Relief produces medical marijuana capsules, topical ointments and tinctures.
New York-based Acreage Holdings announced the cost-cutting measure Friday alongside several others — including temporary closures of dispensary or edibles manufacturing operations in five other states and the furlough of 122 corporate and field operations employees.
“These bold measures will help to ensure that we emerge from this very challenging situation stronger than ever before,” Kevin Murphy, Acreage’s chairman and CEO, said in a news release.
The announcement did not specifically mention the growing impact of the coronavirus on the U.S. and world economy.
With Iowa Relief’s hiatus, MedPharm is currently the state’s lone manufacturer of medical marijuana products.
Though Murphy said he remains “optimistic” about the U.S. cannabis industry,