Weedmaps Lays Off 25% of Staff

The company cut 10% of its staff earlier this year.

The parent company of online cannabis marketing giant Weedmaps.com laid off a quarter of its staff, or 175 employees, as part of a cost-savings move, the company reported in a filing with the U.S. Securities and Exchange Commission this week.

WM Technology (Nasdaq: MAPS) estimated that the layoffs will cost the company about $10.7 million in severance packages and the like for departing staffers, just the latest sign of financial struggles for both Weedmaps and the broader U.S. cannabis industry.

“This decision was based on cost-reduction initiatives intended to reduce operating expenses and sharpen the company’s focus on key growth priorities,” the company stated regarding the layoffs.

The cuts follow the departure of longtime CEO Chris Beals last month, who stepped down from the helm after several months of the company hemorrhaging cash. The company has lost $21.8 million through the end of September 2022, according to WM Technology’s third quarter financial report.

The staff reductions also aren’t the first of the year. In August, WM Technology cut its headcount by 10%, roughly 60 workers, in response to U.S. state market contractions, rising gas prices, and an expected recession.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.