Weedmaps Isn't Alone In Recent Layoffs
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In the wake of news Weedmaps laid off members of its editorial team earlier this month, its becoming clear job cuts are becoming a trend in the cannabis industry, this according to a report by Business Insider.
Major cannabis players like Pax and CannTrust have announced job cuts in recent weeks, according to the publication, with an estimated 600 employees laid off in total.
According to Crunchbase, Pax laid off 25% of its employees last week, citing poor 2020 IPO planning.
Causes for the trend? According to Business Insider, companies have specific issues, but cited a unique time in the industry - from legislative to regulatory issues as well recent vaping deaths and issues raising money - as reasons for the layoffs.
For more on the trend, read the full story on Business Insider here.