MedMen ($CNSX:MMEN), the retailer of fine cannabis products in legal stateside zones, has a Canadian stock ticker that's been tracking a big decline from its heady $2 billion valuation in 2018.
Today, it looks like job postings and staffing are both doing the same, which could be worrisome for investors who bought into the company's $74 million share offering. MedMen shares have lost 92% since their peak in October 2018; it's not an unfamiliar tale to investors buying into pot stocks. Tilray, another major competitor to MedMen on Canadian markets, is down a little more than 92% since its 2018 top.
Lately, MedMen job listings have plummeted - falling 75% in just a couple of months. It isn't a complete hiring freeze but it seems like MedMen has reduced job postings to only essential roles as it wraps up the year.
Similarly, LinkedIn ($MSFT) Headcount for MedMen has begun to decline, which began around the same time reports surfaced the company would shed 200 staffers through layoffs. Already, some of the cuts appear to have registered on LinkedIn, where MedMen's headcount is down 7.4% - however, that figure could fall further, as more people take to the social network in the new year to seek out new work.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.