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Overview of WM Technology Inc (MAPS)
WM Technology Inc, commonly known as Weedmaps, is a prominent technology and software infrastructure provider catering exclusively to the cannabis industry. The company operates a dual-platform model, comprising the Weedmaps consumer-facing marketplace and the WM Business suite of software solutions for cannabis enterprises. By serving both consumers and businesses, WM Technology plays a pivotal role in streamlining operations and enhancing transparency within the cannabis ecosystem.
Core Business Areas
Weedmaps Marketplace: Weedmaps is a comprehensive online platform that connects consumers with cannabis dispensaries, delivery services, and medical professionals. Often likened to platforms like Yelp, Weedmaps enables users to browse an extensive database of cannabis strains, review local dispensaries, and access educational content about cannabis products and services. The platform's user-friendly interface and robust search functionality make it a go-to resource for cannabis enthusiasts and patients alike.
WM Business: WM Business provides a suite of B2B software solutions designed to help cannabis businesses operate more efficiently and effectively. These tools include subscription-based services for business listings, premium advertising options, and promotional tools such as featured and deal listings. By offering these services, WM Business empowers cannabis enterprises to enhance their visibility, attract customers, and comply with industry regulations.
Revenue Model
WM Technology's revenue primarily stems from subscription-based services offered through its WM Business platform. Cannabis businesses subscribe to Weedmaps for Business to gain access to listing services, advertising solutions, and promotional tools. The company also generates revenue through premium ad placements, such as banner ads and promotional tiles, which provide businesses with increased visibility on the Weedmaps platform. These recurring revenue streams underscore the company's focus on providing scalable and sustainable solutions for its clients.
Industry Context
WM Technology operates within the rapidly evolving cannabis industry, which is characterized by complex regulatory frameworks and growing consumer demand. As legalization continues to expand across various regions, the company is uniquely positioned to capitalize on the increasing need for reliable, technology-driven solutions that cater to both businesses and consumers. However, the industry also presents significant challenges, including regulatory compliance, market fragmentation, and competition from both specialized and generalist technology platforms.
Competitive Landscape
WM Technology faces competition from other cannabis-focused platforms, as well as broader marketplace and software providers. Its key differentiator lies in its deep specialization within the cannabis vertical, offering tailored solutions that address the unique needs of this industry. By combining a robust consumer marketplace with advanced B2B tools, the company creates a comprehensive ecosystem that fosters connectivity and growth within the cannabis sector.
Value Proposition
WM Technology's primary value proposition is its ability to bridge the gap between cannabis businesses and consumers. For businesses, the company provides tools to enhance visibility, drive customer engagement, and navigate regulatory challenges. For consumers, Weedmaps offers a trusted resource for discovering cannabis products and services, supported by user reviews and detailed product information. This dual focus positions WM Technology as an indispensable player in the cannabis industry.
WM Technology (NASDAQ: MAPS) will report its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for 2:00 PM PT (5:00 PM ET) to discuss these results. WM Technology is a leader in the cannabis technology sector, operating the Weedmaps online marketplace and offering eCommerce solutions to cannabis retailers and brands. The Company aims to create a transparent cannabis economy and has been a significant player in providing compliance software since its founding in 2008.
WM Technology, Inc. (NASDAQ: MAPS) has appointed Anthony Bay as the new Chairman of its Board of Directors, effective immediately. He succeeds Chris Beals, who continues as CEO. Bay brings over 20 years of board experience and expertise in scaling technology companies. His leadership is expected to enhance corporate governance and drive growth opportunities in the rapidly expanding cannabis sector, particularly with federal legalization on the horizon. WM Technology aims to leverage Bay's experience for market expansion and increased brand offerings.
WM Technology, Inc. (NASDAQ: MAPS), a leader in the cannabis marketplace and technology solutions, announced its participation in upcoming conferences, including the 34th Annual Roth Conference on March 15, BTIG Global Cannabis Conference on April 6-7, Cantor US Cannabis Conference on April 13, and Benzinga Cannabis Capital Conference on April 21. Presentations will be accessible via webcast. The company aims to advance a transparent cannabis economy through its Weedmaps platform, providing essential tools for retailers and compliance solutions.
WM Technology reported a strong fourth quarter with revenue of $54.2 million, reflecting a 39% increase year-over-year in the U.S. This contributed to a full year revenue of $193.1 million, marking a 48% growth in the U.S. Monthly active users rose to 15.7 million, a 57% increase from the prior year. Although gross profit remained high at $52.0 million (96% margin), adjusted EBITDA was lower at $3.8 million compared to $11.1 million in the previous year. The company projects 2022 revenue between $255 million and $265 million, indicating 32-37% growth.
WM Technology, Inc. (NASDAQ: MAPS) launched a humorous digital ad featuring 'Brock Ollie,' a broccoli character symbolizing cannabis. The ad highlights the marketing restrictions faced by the cannabis industry, particularly during major televised events. CEO Chris Beals emphasized that despite growing acceptance, advertising limitations hinder competition and consumer education. The ad calls for greater dialogue around cannabis, showcasing the industry's struggles as consumers desire more information.
WM Technology, Inc. (NASDAQ: MAPS) will disclose its fourth quarter financial results for 2021 on February 23, 2022, post-market. A conference call is scheduled for 2:00 PM PT to discuss these results. The company, a key player in the cannabis industry, provides technology and software solutions through its Weedmaps platform and WM Business software. With its mission focused on fostering a transparent cannabis economy, WM Technology has been an advocate for legislation and compliance in the industry.
WM Technology, Inc. (NASDAQ: MAPS) has announced its participation in the ICR Conference 2022 on January 10 at 2:30 pm EST and the 24th Annual Needham Virtual Growth Conference on January 14 at 1:15 pm EST. During these events, management will present to institutional investors and conduct virtual one-on-one meetings. The company aims to highlight its historical performance and future outlook. Presentations are expected to be available via webcast on the company's Investor Relations website.
WM Technology, Inc. (NASDAQ: MAPS) announced that it filed a Form S-1 with the SEC on December 2, 2021, to register for resale shares of Class A common stock. This follows the company's acquisition of assets from MembersRSVP, LLC, and Text Ripple, Inc., issuing 1,938,798 shares as part of the transaction. The first quarterly exchange period for unit holders to convert their units into Class A common stock will commence following the announcement of Q4 FY21 earnings, which has not yet been scheduled. The company will not receive proceeds from the sales by selling securityholders.
WM Technology, Inc. (NASDAQ: MAPS), a leading provider of technology and software for the cannabis industry, announced its participation in two upcoming conferences: the Cowen 4th Annual Cannabis Conference on December 1, 2021, and the UBS Global TMT Virtual Conference on December 7, 2021. CEO Chris Beals will represent the company at both events. The presentations will be accessible via the company's Investor Relations website, which reflects their commitment to transparency and engagement with institutional investors.
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