Wm Technology Inc - MAPS STOCK NEWS

Weedmaps (Nasdaq: MAPS) and BLAZE Solutions have announced a strategic partnership to create a Global Cannabis Product Catalog. This integration connects Weedmaps' extensive database of over 340,000 products with BLAZE's point-of-sale (POS) and e-commerce systems.

This collaboration aims to streamline retailer operations, enhancing efficiency by reducing manual data entry, and ensuring accurate and consistent information across multiple retail locations. The catalog will auto-populate product details, including images and descriptions, while allowing modifications.

Weedmaps CTO, Duncan Grazier, emphasized that this partnership will improve data standardization in the growing cannabis industry, helping retailers maintain optimal inventory at all times.

Weedmaps (Nasdaq: MAPS) has significantly expanded its presence in New York's cannabis market in Q1 2024 through various initiatives including sponsoring events, assisting legacy operators, and focusing on consumer awareness.

The platform now includes 131 licensed retailers and has seen notable consumer trends: 53% of orders are for cannabis flower, 27% for edibles, and 15% for vape pens. Consumers aged 50+ predominantly order edibles, while those under 50 prefer vape pens.

New York's Average Order Value (AOV) is $123.16 compared to the national average of $80.78, and the average basket size is 2.35 items versus 2.22 nationally. Only 44% of orders are for delivery, compared to 60% nationally.

Weedmaps emphasizes community and culture, partnering with local groups like On the Revel to support the New York cannabis industry.

WM Technology (Nasdaq: MAPS), a software infrastructure provider for the cannabis industry, released its financial results for Q1 2024 and FY 2023.

For Q1 2024, the company reported a net income of $2.0 million, up by $5.9 million YoY. Adjusted EBITDA reached $9.6 million, increasing by $2.5 million YoY. Cash reserves were $35.7 million, up by $9.8 million YoY.

For FY 2023, revenue was $188.0 million, down from $215.5 million in 2022. Net loss narrowed to $15.7 million compared to $82.7 million in 2022. Adjusted EBITDA improved to $36.9 million from a negative $9.6 million in the prior year.

The company also rectified past revenue recognition errors and filed its 10-K and 10-Q reports with the SEC, ensuring compliance with Nasdaq listing requirements.

WM Technology announced it received a delinquency notification from Nasdaq on May 14, 2024, due to its failure to timely file the Quarterly Report for Q1 2024 and the Annual Report for 2023. This breach of Nasdaq Listing Rule 5250(c)(1) has no immediate effect on the company's Nasdaq listing. The delays stem from changes in executive finance leadership, affecting the preparation of financial statements. WM Technology previously received a similar notice on April 8, 2024, regarding the delayed Annual Report. Nasdaq has given the company until June 3, 2024, to submit a compliance plan, which, if accepted, could extend up to September 30, 2024. The company aims to file both reports as soon as possible.

Weedmaps, a leading online cannabis marketplace, announced the 2024 winners of the 'Best of Weedmaps: The People's Choice' awards. The program recognizes businesses, delivery services, and brands that enhance the cannabis shopping experience on the platform. Winners are chosen based on outstanding service, product quality, and seamless delivery experiences. The winners had significantly more orders, deals claimed, and brand page follows compared to their competitors. Weedmaps used a methodology matrix to assess the winners, including factors like listing quality, customer service ratings, and consumer engagement. Public voting determined the winners, and the full list can be viewed on weedmaps.com/best-of-wm.