Weedmaps Layoffs
August 2022
Weedmaps announced a layoff affecting 0 employees (10% of its workforce) in August 2022. The company operates in the Other sector.
0
10%
Aug 4, 2022
About
Cannabis-tech company Weedmaps laid off approximately 10% of its workforce in early August 2022, affecting around 60 employees out of a total of 606 full-time workers at the end of 2021. The decision, communicated by CEO Chris Beals, was driven by a significant slowdown in legal cannabis sales in key markets like Colorado and California, rising fuel costs, and broader economic concerns pointing to a potential recession. Beals acknowledged misjudging the market's recovery timeline. The layoffs aim to help the company navigate ongoing industry turbulence and achieve profitability amid a challenging period for the cannabis sector, which has seen Weedmaps' stock drop over 55% this year.
Related Events
More Other Layoffs
Report an Error
If you find incorrect information, please let us know so we can correct it.
support@layoffs.nl