Marijuana retailers report robust sales from 4/20 weekend
U.S. marijuana retailers reported brisk business on April 20, the biggest day of the year for cannabis sales, despite setbacks from widespread e-commerce platform outages.
U.S. marijuana retailers reported brisk business on April 20, the biggest day of the year for cannabis sales, despite setbacks from widespread e-commerce platform outages.
Marijuana company Village Farms International is back in compliance with Nasdaq rules; Weedmaps parent company WM Technology is noncompliant.
California-based WM Technology, which does business as cannabis advertising platform Weedmaps, reported a profit for its most recent quarter, signaling a potential turnaround for the technology company.
In the face of slumping cannabis stock prices, publicly traded Canadian marijuana producers and U.S. ancillary companies are increasingly turning to share consolidations to maintain their listings on the Nasdaq exchange.
The departures of chief financial officers at Trulieve Cannabis Corp. and Weedmaps’ parent company come at a challenging time for the marijuana industry, which is dealing with high interest rates, low share prices and the slow pace of federal reform in the United States.
2022 saw a wave of layoffs in the cannabis industry. Its pressures are uniquely challenging and there’s no end in sight in 2023.
The parent company of cannabis advertising platform Weedmaps is laying off roughly 25% of its staff, or up to 175 employees.
WM Technology CEO Chris Beals has “decided to step down” and left the company, the cannabis advertising and technology firm said.
While business around the world shuttered as COVID-19 spread, the marijuana industry was deemed “essential” in nearly 30 states and stood to gain from the pandemic.
But more than two years later, amid rising inflation and fears of a recession, North American cannabis companies are cutting hundreds of jobs, closing retail outlets and cultivation facilities or shuttering altogether.
California-based cannabis advertising giant Weedmaps said it has laid off about 10% of its workers because of a widespread slowdown in the U.S. marijuana market.
Cannabis advertising giant Weedmaps is again carrying listings on its website for illegal or unlicensed marijuana retailers and products in California, according to complaints filed with state and federal regulators.
Marijuana technology company WM Technology is launching a new integrated digital payment service for cannabis retailers in Ontario, Canada’s largest adult-use market, with plans to launch in other provinces.