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.
