Marijuana e-commerce platform Leafly Holdings this week laid off another 40 employees, or 21% of its workforce, a day before reporting its full-year and fourth-quarter financial results.
The job cuts came as Leafly reported $47.4 million in revenue for 2022, a 10% increase from 2021, according to a Thursday news release about the Seattle-based company’s earnings.
Operating costs, however, climbed more than 40% last year, although Leafly did manage to turn a profit of more than $5 million in 2022.
“We’ve been intently focused on managing our expenses and cash flow,” Leafly CEO Officer Yoko Miyashita said in a statement.
“With softer ad spend expected to continue in 2023, we are driving deeper relationships with our customers and optimizing teams for efficiency.”
The Wednesday workforce reduction comes after Leafly laid off 56 employees last October.
There have been widespread layoffs across the North American cannabis industry
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