Layoffs have already come for tech. Now, they're coming for cannabis too.
Cannabis-tech firm Weedmaps is cutting 10% of its workforce, Insider has learned. The company had 606 full-time workers at the end of 2021. In an email dated August 4 that was obtained by Insider, CEO Chris Beals cited a slowdown in legal cannabis sales in states like Colorado and California, the rising price of gas, and broader economic conditions that point to a coming recession.
"There are certainly lessons I will learn from this, and we will continue to do the best we can to grow and guide the business for employees, clients and investors. In regard to the slowdown of end markets, I was wrong in predicting that this would bottom out at the start of the year and that we would start to see a recovery," Beals wrote.
A Weedmaps spokesperson confirmed the layoffs to Insider. In a follow-up statement, Beals said that given the macroeconomic challenges, the "prudent approach was to plan more conservatively for the coming quarters."
"Though difficult, we believe this restructure better positions the company to weather end market turbulence and operate profitably in the second half of the...
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