Leafly reportedly lays off employees for second time in a year – GeekWire

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Nate Bek
2023-03-16 13:57:45

(Leafly Image)

Seattle-based online cannabis marketplace Leafly is laying off more employees, according to posts on LinkedIn from impacted workers.

Several employees — including a creative lead and vice president of retail sales — said they were laid off by the company.

A Leafly spokesperson declined to comment when contacted by GeekWire.

According to an internal email cited by a former senior news editor at Leafly, the company is cutting 41 workers, or about 21% of its workforce.

Leafly cut 56 positions, or 21% of its workforce at the time, in October.

The company went public earlier this year in a SPAC deal. It reported revenue of $11.8 million in Q3, up 8.1% year-over-year, and an adjusted loss of $5.2 million. It ended the quarter with $27.8 million of cash. Average monthly users came in at 8.2 million, down 12.8%.

Leafly will report its Q4 financial results Thursday afternoon.

Founded in 2010, Leafly’s online marketplace lets customers shop and select cannabis products from licensed retailers. The startup also serves as an educational resource. Its revenue primarily comes from a monthly subscription fee paid by cannabis retailers to be listed on the platform and to access e-commerce tools.

Leafly is facing headwinds in the form of decelerating digital ad spend, part of a broader shift by companies to cut costs amid higher interest rates and the tech downturn.

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