Cannabis-tech firm Weedmaps cuts up to 25% of employees as industry downturn continues

Weedmaps is cutting up to 175 employees, or 25% of its workforce, amid a tough stretch for the cannabis-reviews site.

The company told Insider that the majority of the cuts were made last week. Weedmaps previously laid off 10% of its staff in August. Weedmaps CEO Chris Beals stepped down on November 7, and Doug Francis, a Weedmaps co-founder, is running the company on an interim basis.

"The decision to eliminate these positions was a very difficult one, but it is necessary in order to drive line of sight to profitability and positive cash flow in 2023," Francis told Insider in an emailed statement. "I very much realize the difficulty this creates for the impacted employees."

Weedmaps' stock is down over 80% this year, and the company has a market value of just $200 million — down from a high of over $1.5 billion in December 2020. Its customers, cannabis companies, have pulled back on spending as they face regulatory uncertainty, slumping cannabis sales, and a difficult economic environment.

To read the complete article, go to businessinsider.com


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