Leafly Inc. LFLY, +1.74% is eliminating about a fifth of its jobs as it moves to generate cost savings. The cannabis marketplace said it’s cutting 56 positions, or 21% of its workforce, through layoffs and attrition. Leafly will book a $500,000 charge in the fourth quarter for expenses related to the move. The company said it’s lowering its cost projections by $16 million in 2023 as result of the head count reduction and other moves. Chief Operating Officer Sam Martin will leave the company on Dec. 31. Leafly is projecting third-quarter revenue of $11.8 million. Analysts currently expect Leafly to lose 18 cents a share on revenue of $11.8 million, according to FactSet data. Leafly, which announced the job cuts late Tuesday, has seen its stock fall 92.5% in 2022, compared to a 58% loss by the AdvisorShares Pure US Cannabis ETF MSOS, +2.87%.
