Leafly Cuts Down 21% Of Its Workforce For Expected Annual Savings Of $16M

Comments
Loading...

Leafly LFLY, announced a headcount reduction of 56 positions – or 21 percent of the company’s workforce through a combination of layoffs and attrition – to ensure its long-term health. The company expects a one-time cash restructuring charge for the layoffs of approximately $500,000 in Q4 of 2022.

In addition, the company has otherwise realigned its cost structure in response to changing market conditions, resulting in additional expected cost savings, for total expected annual cash savings of approximately $16 million beginning in 2023, primarily in headcount-related costs.

“These reductions will help preserve our ability to respond to opportunities as this industry continues to mature and expand, and allow us to more effectively manage our capital,” stated Yoko Miyashita, CEO of Leafly. “In addition to cutting costs, we have taken a close look at our structure to ensure we are prioritizing the most meaningful parts of the business. I have a great amount of gratitude for each and every one of our team members who have helped build Leafly into the world-class brand and platform it is today.”

Management Changes

Sam Martin, COO, is leaving the company effective December 31, 2022, to pursue the next chapter in his life and to spend more time with his family.

Preliminary Q3 2022 Financial Results and Guidance

  • Revenue is expected to be approximately $11.8 million, or approximately 8% year over year growth.

  • Adjusted EBITDA loss is expected to be in the range of approximately $(6.0) million to $(5.0) million.

Full third quarter 2022 financial results will be released after market close on November 10, 2022.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

Related News

Why Minerva Neurosciences Shares Dipped By Around 70%; Here Are 90 Biggest Movers From Yesterday

Uber Eats Begins Cannabis Deliveries In Toronto Via Leafly Partnership

LFLY Logo
LFLYLeafly Holdings Inc
$0.210018.2%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum-
Growth-
Quality-
Value-
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In:

Cannabis is evolving—don’t get left behind!

Curious about what’s next for the industry and how to stay ahead in today’s competitive market?

Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.

Secure your spot now before prices go up—this is where the biggest deals and connections happen!

Get your tickets today!