The parent company of cannabis advertising platform Weedmaps is laying off roughly 25% of its staff, or up to 175 employees.
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“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 disclosed in a Nov. 29 regulatory filing.
WM Technology said the layoffs would cost about $10.7 million, including severance payments and employee benefits.
It expects the staff reduction to “be substantially complete by the first quarter of 2023, subject to local law and consultation requirements, which may extend the process in certain countries.”
The Irvine, California-based company employed 607 people as of the end of 2021, including 595 in the United States and 12 in Canada, according to an annual report.
WM Technology subsequently laid off 10% of its staff in August.
The company’s former CEO, Chris Beals, departed in November,
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