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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) has released its inaugural report, ‘Cannabis in America’, highlighting the mainstream acceptance of cannabis and evolving consumer behaviors. Key insights reveal a 125% year-over-year growth in cannabis delivery among Generation Z and a 55% increase in orders in H1 2021 compared to H1 2020. The report emphasizes the importance of social equity, with 46% of consumers preferring to support women-owned businesses. Moreover, 72% of cannabis users say the stigma surrounding usage is diminishing as the industry matures.
WM Technology reported third-quarter revenue of $50.9 million, a 46% increase year-over-year from U.S. operations. The overall revenue growth stood at 9% compared to the same quarter in 2020, with a gross profit margin of 96%.
Notable metrics include 13.9 million monthly active users, a 37% increase from last year, and an adjusted EBITDA of $10.4 million. The company has completed acquisitions to bolster its position, aiming for continued growth in 2022. Fourth-quarter revenue guidance estimates between $50 million and $52 million.
WM Technology, Inc. (Nasdaq: MAPS) will announce its third-quarter financial results for the period ending September 30, 2021, on November 11, 2021. The results will be made public after market close, followed by a conference call at 2:00 p.m. PT (5:00 p.m. ET). The call will allow management to discuss financial performance and answer questions. Interested parties can access the call via phone or through a webcast on the company’s investor relations website. This announcement highlights WM Technology's ongoing commitment to transparency in its financial reporting.
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.
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