Cannabis marketing platform SpringBig will layoff 25% of its workforce – South Florida Business Journal – The Business Journals

SpringBig, a marketing platform for cannabis businesses, is laying off nearly a quarter of its workforce in a bid to become a profitable venture.
The job cuts less than a year after SpringBig (Nasdaq: SBIG) merged with blank check firm Tuatara Acquisition Corporation to become a publicly traded company.
The Boca Raton-based company is slashing 37 jobs, or 23% of its headcount. According to a news release, the reduction will save the company $200,000 in the fourth quarter of this year. Reducing the team is expected to lower expenses by 21% during the first nine months of 2023.
“Our focus remains on consistent execution and expanding the reach of the SpringBig platform, while optimizing our organization to deliver profitable growth,” CEO Jeffrey Harris said.
Shares of SpringBig were priced at 82 cents each on Thursday morning. That’s a steep decline from June, when shares traded for $4.50.
SpringBig reports it reaches nearly 40 million legal marijuana users through its software-as-a-service platform, which enables cannabis businesses to market their goods and loyalty programs directly to customers via text message.The firm’s targeted messages, intended to help retailers engage and retain customers, have a 99% open rate.
Harris previously said going public will make it possible for SpringBig to meet demand in the fast-growing cannabis sector. Recreational use of the substance is already legal in 19 states and medical use is legal in 39, including Florida.
Before the merger, the company said it had more than 1,000 clients – including cannabis dispensary chains and brands such as Keef, an infused beverage company – across 2,300 locations in North America. It raised $32 million in investor capital before going public in June.
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