Weedmaps Lays off 25% Employees
Recently, news broke that Weedmaps, the popular cannabis directory and review site, had laid off a third of its workforce. The move came as a surprise to many in the industry, given Weedmaps’ apparent success in recent years.
So, what really happened? In this article, we’ll take a look at the inside story of the Weedmaps layoffs, and what it means for the future of the cannabis industry.
WM Technology, the parent company of Weedmaps, a cannabis advertising platform, is laying off roughly 25% of its staff, or up to 175 employees. The reason behind this decision, “was based on cost-reduction initiatives intended to reduce operating expenses and sharpen the company’s focus on key growth priorities,” WM Technology said in a regulatory filing on Nov. 29.
Here is some history of Weedmaps and different trends the company has had.
On Wednesday, February 12th, 2020, Weedmaps announced that it would be laying off 30% of its workforce. In total, 94 employees were affected by the news, with most of the layoffs occurring at the company’s headquarters in Irvine, California. In a statement, Weedmaps CEO Justin Hartfield said that the layoffs were “necessary to ensure our long-term viability” and that they would help the company “right-size” its workforce.
Hartfield also said that the company would be refocusing its efforts on “core businesses and geographies” in the wake of the layoffs. The news came as a surprise to many in the industry, given Weedmaps’ apparent success in recent years.
The company was founded in 2008 and has since become one of the most popular cannabis directories, with an estimated 10 million monthly visitors. In 2018, Weedmaps generated $35 million in revenue, and it was on track to generate $50 million in 2019. The company had also recently raised $50 million in new funding, and it had been aggressive in its expansion plans, opening new offices in Denver and Canada.
Weedmaps advertises for dispensaries, including Wheelhouse. Dispensaries on Weedmaps carry cannabis products and the best weed strains. You can easily find products such as Stiiizy, Autumn brands preroll, hybrid strains, indica dominant hybrid strains, indica and sativa, sativa dominant hybrid strains, products for helping with chronic pain, and more.
Customers on the site love Wheelhouse. Wheelhouse has earned a 4.5 rating on Weedmaps from customers. Wheelhouse carries pre-roll brands like: Lowell Smokes, Weedsy, Sublime, Gelato, and more *subject to change.*
Whether you are looking for weed delivery or in store pick up, we have you covered. Come by our Port Hueneme location or our Venice location. We also have other locations planning to open soon in cities like Ventura and Costa Mesa. We cannot wait to serve you!
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