parliament
NEWS

Marijuana Company fires over 300 workers for UGX110bn loss

A Kasese district-based Marijuana firm has taken a toll on its workers axing over 300 citing financial loss. (PHOTO/File)

KASESE – A Marijuana company has fired over 300 workers over losses that the company made. This is the first Marijuana Company in Uganda based in Kasese district.

Employees have blamed the huge losses on the insufficient power supply.

The company sells each kilogram of the herb at a minimum cost of $ 4,000, and the company had made a financial projection to earn $2m the Ugandan equivalent of UGX7.4billion per month.

Mr. Benjamin Cadet, one of the company Directors says that since the business was unable to operate at a full capacity due to the unreliable power supply, there was no option but to let some workers go.

“Since the company cannot operate at full capacity, we have to stay with a minimum number of 80 workers out of the 450,” He asserted.

The most affected group of employees include; casual, propagation and agronomist departments. The only departments that have not been affected are security and the technical team.

Evelyn Anite, the Minister of State for Investment and Privatization acknowledged the power setback in the country and has called upon the Government to reduce the cost of manufacturing electricity to at least to 5% kilowatts.

The company had made plans to export medical Marijuana worth Shs 600 billion, to Canada and Germany, but this has not come to fruition as a result of the losses that the company has suffered.

The company has now postponed the date to either July or late August 2019.

Comments

All Rights Reserved. THE INFORMATION CONTAINED IN THIS WEBSITE MAY NOT BE PUBLISHED, BROADCAST, RE-WRITTEN OR RE-DISTRIBUTED WITHOUT THE PRIOR WRITTEN AUTHORITY OF THE PUBLISHERS

Copyright@2019: PMLDaily

To Top