• Home
  • CBD News
  • CBD Uses
  • CBD Products
  • Contact Us
No Result
View All Result
Cbdnewshubb
Advertisement Banner
  • Home
  • CBD News
  • CBD Uses
  • CBD Products
  • Contact Us
No Result
View All Result
Cbdnewshubb
No Result
View All Result
Home CBD Uses

Weedmaps Firing 25% of Staff

admin by admin
December 9, 2022
in CBD Uses


The mammoth cannabis advertising platform Weedmaps hasn’t been spared from the corporate layoffs wave that seems to cut across different industries.WM Technology, the parent company of Weedmaps has announced a massive layoff of close to 175 employees home in a bid to trim operational costs. The operation that will run up to the first quarter of 2023 will cost the company about $10.7 million in severance payments and other  employee benefits.

WM Technology posted a net loss of $10.5 million in the last quarter. In August this year, the company had laid off 10% of its staff. Going by these signs it’s apparent that the company is in the red. However, Weedmaps is not the only company in the cannabis industry that seems to have taken a financial nose dive. Canopy Growth  (once the largest cannabis company globally), Curaleaf,   Eaze, Akerna, and Dutchie, just to name a few, have taken a similar “cost reduction” path in the near past.

Is The Cannabis Industry on its Knees?

A recent survey conducted  by the National Cannabis Industry Association revealed that only about 26% of cannabis operators are profitable. Several factors such as high taxation (section 280E) and unfair competition from the illicit market could be attributed to this. However,with 26% of cannabis businesses turning in a profit in this dire economic times, the industry is matching up to expectations. If anything, we have witnessed similar layoffs involving conglomerates such as Meta, Twitter, and Amazon, to name but a few.



Source link

Previous Post

What Is The Legal Age For Psilocybin In The United States?

Next Post

Making the Most of Your Grow Space with Low-Stress Training

Next Post

Making the Most of Your Grow Space with Low-Stress Training

Lizzo's New Beauty Trend Is Wearing Hemp-Derived Eyelashes

Are Magic Mushrooms Legal in Nepal?

Popular Post

What Kind of CBD Helps With Weight Loss?

by admin
February 4, 2023

Hemp Company Gets Sued by Nike for Its “Just Hemp It” Slogan

by admin
February 4, 2023

The Best CBD for Couples Gift Set

by admin
February 4, 2023

iAnthus Announces Extension of New Jersey Bridge Note Financing

by admin
February 3, 2023

The Beginner’s Guide to CBD and Sex

by admin
February 3, 2023

4 Predictions for the U.S. Cannabis Market

by admin
February 2, 2023

cbd-44

© 2022 CBD News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • CBD News
  • CBD Uses
  • CBD Products
  • Contact Us

Newsletter Sign Up.

No Result
View All Result
  • Home
  • CBD News
  • CBD Uses
  • CBD Products
  • Contact Us

© 2022 CBD News Hubb All rights reserved.