Weedmaps Layoffs
December 2022
Weedmaps announced a layoff affecting 175 employees (25% of its workforce) in December 2022. The company operates in the Other sector.
175
25%
Dec 6, 2022
About
Cannabis-tech firm Weedmaps is laying off up to 175 employees, representing about 25% of its workforce, as the broader cannabis industry faces a significant downturn. The majority of these cuts occurred in early December 2022, following a previous 10% reduction in August. The layoffs come amid a leadership transition, with co-founder Doug Francis serving as interim CEO after Chris Beals stepped down in November. Facing a steep decline in its stock price and market value, the company cited the need to achieve profitability and positive cash flow in 2023. Its clients, cannabis businesses, are reducing spending due to regulatory uncertainty, falling sales, and a tough economic climate.
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