WM Technology, Inc. reports developments tied to its Weedmaps cannabis marketplace and its eCommerce and compliance software for cannabis retailers, brands, and businesses in U.S. state-legal markets. News commonly covers quarterly and annual results, client spending trends, operating discipline, cash flow, and the effect of cannabis-market conditions on marketplace demand.
Company updates also include governance changes, board appointments, executive employment arrangements, and corporate-status actions involving its Class A common stock and warrants, including Nasdaq delisting activity. Product-related coverage centers on consumer discovery, dispensary deals, order-ahead tools, and software designed for regulated cannabis commerce.
Black CannaBusiness Magazine has announced Weedmaps as the lead sponsor of the Black CannaConference & Expo, set for November 18-20, 2021, in New Orleans. This event aims to support Black professionals in the cannabis industry, featuring educational and networking opportunities. Kristi Price, CEO of KRMA Media, expressed commitment to enhancing the event's impact after Hurricane Ida. Keynote speaker Wanda James will address racial inequities in cannabis. Proceeds from ticket sales will support the Cannabis Impact Fund to foster economic development in New Orleans.
WM Technology (Nasdaq: MAPS) announced the acquisition of Sprout, a cloud-based CRM and marketing platform, enhancing its software solutions for the cannabis industry. This strategic move aims to integrate Sprout's tools into WM Business, thereby improving client capabilities in customer acquisition and retention. The acquisition strengthens the company's position in a growing legal cannabis market and aligns with its goal to provide all-in-one business solutions.
Weedmaps announces a multi-year partnership with Kevin Durant's Thirty Five Ventures and Boardroom, aiming to reshape cannabis perceptions while promoting its wellness benefits for athletes. This collaboration includes sponsorship of Boardroom's media network and original content production. Both parties emphasize the importance of updating cannabis regulations and fostering an inclusive industry. The initiative is part of Weedmaps' broader aim to educate consumers about cannabis and combat existing stigmas associated with its use.
WM Technology, Inc. (Nasdaq: MAPS) reported a strong second quarter of 2021 with revenue reaching $47 million, a 55% increase year-over-year when adjusted. Monthly active users surged to 12.3 million, marking a 75% rise. The company’s services for cannabis businesses saw notable growth, evidenced by a 24% increase in average monthly revenue per paying client to $3,706. Despite these achievements, the average monthly paying clients dipped by 2%. The company maintains its full-year revenue and adjusted EBITDA guidance of $205 million and $50 million, respectively.
Weedmaps, a prominent cannabis listings marketplace from WM Technology, Inc. (MAPS), has launched an updated iOS app featuring ordering functionality. This allows users to browse cannabis products and place orders directly with licensed retailers within the app. Previously, customers could only browse products but had to complete orders via a mobile web browser due to regulatory complexities. The update aims to enhance accessibility for consumers and partners alike, with features like savings, product information, strain exploration, and real-time support.
WM Technology, Inc. (Nasdaq: MAPS) is set to release its second quarter financial results for the period ending June 30, 2021, on August 12, 2021, after market close. Following the announcement, management will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results. The company, which focuses on technology and software solutions for the cannabis industry, operates the B2C platform Weedmaps and B2B software WM Business. WM Technology aims to facilitate compliance and transparency in the cannabis market while advocating for legalization.
WM Technology, Inc. (Nasdaq: MAPS) recently announced an experienced Board of Directors to propel its growth strategy in the cannabis sector. The board consists of nine members, including CEO Chris Beals, who highlights its collective expertise in technology, retail, and cannabis. The new board is expected to guide the company as it scales its technology platform globally. Founded in 2008, WM Technology provides vital software infrastructure for the cannabis industry, driving legislative changes and supporting safe, legal access to cannabis for consumers.
WM Holding Company, LLC has successfully finalized its business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”), changing its name to WM Technology, Inc. and its ticker to “MAPS” effective June 16, 2021. The transaction, unanimously approved by SSPK's Board and stockholders, provides $579 million in gross proceeds, supporting WMH’s growth and SaaS offerings for cannabis retailers. WMH reported a 35% CAGR in revenue from 2014-2020, with 2020 revenue of $162 million and a net income of $39 million. The management team remains in place post-merger.
WM Holding Company completed its merger with Silver Spike Acquisition Corp (SSPK), now trading as MAPS on Nasdaq from June 16, 2021. The merger, unanimously approved, provides $579 million in gross proceeds to WMH, primarily for operational growth and expansion of its SaaS platform. From 2014 to 2020, WMH recorded a 35% CAGR in revenue, with $162 million in revenue and $39 million in net income reported for 2020. CEO Chris Beals emphasized the merger's role in advancing a transparent global cannabis economy.