Cannabis media site Leafly cuts hiring, holiday parties, and travel to keep costs down
It’s sort of a down moment in the cannabis industry right now — it’s not that sales are down (they’re definitely not), but a lot of companies are going from complete potential to actual reality, and the rubber is hitting the road for a lot of cannabis-related companies, so to speak. And things are no different in cannabis media — Leafly, one of the biggest sites covering cannabis on the Internet these days, has announced to employees that it’s making cutbacks to try and keep costs in check.
An internal memo at the company reportedly told employees that holiday parties were being canceled, and hiring and travel were being frozen or postponed, as the company tries to stick to its budgets and batten down the hatches. Leafly, like a lot of other cannabis-related companies, has been growing by leaps and bounds lately, bringing in over 150 people in just the last 7 months. But growing so quickly isn’t always good, if you’re not careful about it, so the CEO has decided to slow things down. The company will keep a summer party, and reward some remote employees with gift cards for the holiday, but other nonessential expenses are being cut.
In the long term, this will end up being a good move for Leafly — they’re not laying anyone off, fortunately, and any effort to cut costs now will probably pay off later if things get tougher. We’re fans of the site for sure — they’re a great resource, both for strain and dispensary information, and for news and other fun features they’ve done. The potential of the cannabis industry is slowly going from imagination to reality, and we’ll probably see a few other groups also tightening their belt as they growing as fast as possible to settling into a more sustainable curve upwards.