Welcome to our dedicated page for Wm Technology news (Ticker: MAPS), a resource for investors and traders seeking the latest updates and insights on Wm Technology stock.
WM Technology, Inc. (Nasdaq: MAPS) is a marketplace and technology solutions provider to the cannabis industry, and its news flow reflects both its role in this sector and its status as a publicly traded software publisher. The company operates Weedmaps, which it describes as a leading cannabis marketplace for consumers, and offers eCommerce and compliance software tools for cannabis businesses and brands in U.S. state-legal markets.
News updates for WM Technology commonly include quarterly and annual financial results, where the company reports revenue, net income, Adjusted EBITDA, cash balances, and key operating metrics such as average monthly paying clients and average monthly revenues per paying client. Management commentary in these releases often discusses operating conditions in core and emerging cannabis markets, client marketing budgets, and the company’s focus on cost discipline and profitability.
Investors and followers of MAPS can also expect news about webcasts and conference calls for earnings announcements, as WM Technology regularly schedules and archives earnings webcasts. Additional news items may cover corporate governance developments, such as board of directors changes, annual meeting voting results, and any indications of interest or proposals related to potential transactions, as documented in company communications.
Because WM Technology positions itself as an advocate for full U.S. cannabis legalization, social equity, and cannabis education, its news may also highlight advocacy-related initiatives and partnerships. For those tracking the cannabis technology space, the MAPS news page offers a centralized view of WM Technology’s financial disclosures, strategic commentary, and corporate updates, and can be revisited to follow how the company responds to ongoing industry challenges and opportunities.
WM Technology, Inc. (Nasdaq: MAPS), a leading cannabis marketplace and technology solutions provider, has announced it will report its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. A replay will be available on the company's investor relations website by August 9.
WM Technology operates Weedmaps, a premier cannabis marketplace for consumers, and provides eCommerce and compliance software solutions for cannabis businesses. The company, founded in 2008, is committed to advocating for full U.S. cannabis legalization, industry-wide social equity, and cannabis education.
Weedmaps (Nasdaq: MAPS) has partnered with NuggMD to launch a pilot program streamlining the medical cannabis education and application process for patients. The initiative connects potential patients on Weedmaps with NuggMD's telehealth platform, creating a full-circle e-commerce experience. The program is currently active in Florida, Oklahoma, Pennsylvania, West Virginia, and Louisiana.
A recent survey of Weedmaps users revealed that 33% are more likely to use cannabis for diagnosed medical conditions, with anxiety reduction and relaxation as primary drivers. The partnership aims to provide accessible, easy-to-use processes for obtaining medical cannabis approval and navigating the vast array of cannabis products available.
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.
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