Syqe Medical, a startup developing a metered-dose medical cannabis inhaler, has reportedly cut nearly one-third of its workforce.
According to Calcalist, the company laid off 50 of its 154 employees, a move that comes as Syqe continues to pursue FDA approval for its device.
In a statement provided to the publication, Syqe said it’s “adjusting” its corporate structure, which it said is mainly impacting its development team.
“Focusing on the clinical process is a critical step in achieving the company’s goals, including FDA approval, and the company will allocate more resources in this area. In addition, Syqe will continue to expand its activities in subsidized markets, including Israel, through SyqeAir,” the company said.
SyqeAir is a medical device designed to administer low, metered, and consistent doses of medicinal cannabis by inhalation, aerosolized from dried milled flowers, according to the company. It’s designed for both home use and managed healthcare settings, and it comes with the inhaler and a pre-loaded cartridge containing 60 uniform doses.
In 2023, Philip Morris reportedly acquired Syqe for $650 million and invested $120 million to help complete the development process and obtain FDA approval.
