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WM Technology, Operator of Weedmaps, Launches Payments in Ontario
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
WM Technology (NASDAQ: MAPS) has expanded its product offerings in Ontario, implementing a digital payment process that allows cannabis retailers to accept in-app payments through Visa and MasterCard. This move aims to help small businesses meet rising demands for delivery and cashless transactions. As Ontario legalizes permanent delivery services, WM Technology's commitment to technology solutions is highlighted as a key growth strategy. The company also plans to expand its services to other Canadian provinces, enhancing retailers' capabilities through its WM Store and WM Orders platforms.
Positive
Expansion of digital payment solutions for Ontario cannabis retailers.
Meeting rising consumer demands for cashless transactions and delivery services.
Plans to extend services to other Canadian provinces.
Negative
None.
Ontario’s establishment of new rules to enable cannabis retailers to offer delivery on a permanent basis has facilitated opportunities for technology solutions
WM Technology offers an all-in-one experience for retailers and small businesses that includes listings, fulfillment, inventory management, and, for Ontario-based retailers, payment capabilities
An expanded product offering is a central component of WM Technology’s growth strategy in Canada and continued commitment to serving the licensed market
IRVINE, Calif.--(BUSINESS WIRE)--
WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), the leading marketplace and technology solutions provider to the cannabis industry, has expanded its product offering in Ontario with an integrated digital payment process that will help small businesses compete with the growing demand for delivery, curbside pick up, and cashless transactions.
Effective immediately, customers at participating Ontario retailers will be able to not only browse for cannabis products through Weedmaps’ industry-leading listings platform, but also make payments directly to participating retailers in-app through Visa or MasterCard credit cards. Additionally, for improved customer experience and to help facilitate compliance with Canada’s personal possession limits, customers will be directly notified when an item in their cart is out of stock or if their order exceeds the legal purchasing limits.
“The Canadian cannabis market has a first-mover advantage as a diverse mix of cultivators and retailers continue to grow in size and scale. We have always believed that technology will be the third pillar of the industry’s success, but Ontario’s recent decision to permanently legalize delivery services for cannabis retailers has accelerated this trend,” said Chris Beals, CEO of WM Technology. “With more delivery and click-and-collect transactions, safe, convenient and secure technology solutions will be central to the industry’s future and will enable more small businesses to serve customer demand.”
With global technology giants looking to enter the cannabis delivery marketplace, WM Technology’s 14-year track record and commitment to a transparent and inclusive global cannabis industry will continue to set the company apart. The Company expects that Ontario will be a launchpad for Weedmaps’ digital payment plans in other Canadian provinces in the coming months.
WM Technology is also launching its WM Store product for Ontario retailers. WM Store brings the Weedmaps platform directly to cannabis retailers’ branded websites, providing business owners with the ability to customize product menus, logos, and colour schemes to better reflect their corporate brand and create a more seamless, end-to-end order experience for customers. Further, pairing WM Store with the ordering and logistics functionality of WM Orders, WM Business’ delivery and orders platform, streamlines the entire ordering process for customers by enabling an intuitive shopping experience with an orderable website menu featuring filters, dynamic search, and product information, directly on retailers’ branded websites.
To ensure a seamless customer experience, WM Technology has partnered with COVA, an established cannabis retail Point of Sale and inventory management platform, and will be working with Merrco, who will provide payment processing services to participating retailers.
Founded in 2008, WM Technology operates the leading online cannabis marketplace, Weedmaps, with a comprehensive set of eCommerce and compliance software solutions, WM Business, sold to retailers and brands in the U.S. state-legal and Canadian cannabis markets. The Company’s mission is to power a transparent and inclusive global cannabis economy.
The Company’s technology addresses the challenges facing both consumers seeking to understand cannabis products and businesses who serve cannabis users in a legally compliant fashion. Over the past 13 years, the Weedmaps marketplace has become the premier destination for cannabis consumers to discover and browse information regarding cannabis and cannabis products, permitting product discovery and order-ahead for pickup or delivery by participating retailers. WM Business is a set of eCommerce-enablement tools designed to help retailers and brands get the best out of the Weedmaps’ consumer experience, create labor efficiencies, and manage compliance needs.
WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide. Since inception, WM Technology has worked tirelessly, not only to become the most comprehensive platform for consumers, but to build the software solutions that power businesses compliantly in the space, to advocate for legalization, social equity, and licensing in many jurisdictions, and to facilitate further learning through partnering with subject matter experts on providing detailed, accurate information about the plant.
Headquartered in Irvine, California, WM Technology supports remote work for all eligible employees. Visit us at www.weedmaps.com.
About Cova
Purpose-built for cannabis retail, Cova is the most-trusted cannabis POS in North America, powering over 2,000 locations from coast to coast, including 72% of Ontario cannabis stores. Offering proven reliability and industry-leading performance, Cova’s award-winning POS and Inventory Management platform simplifies compliance and streamlines complex operations, empowering retailers to bring their vision to reality and set their business up for success. Cova is constantly evolving to stay one step ahead of regulatory changes and add high-value features & integrations that help cannabis retailers grow their business. Learn more at www.covasoftware.com.
About Merrco Payments Inc.
Founded in 2016, Merrco is the leading cannabis payment solution provider, bringing seamless, secure payment solutions to the market by making payments smarter and simpler every step of the way. Merrco’s solution is embedded across the payments value chain with broad distribution through its strategic partnerships and integrations, and their platform offers ecommerce, virtual terminal, mobile, recurring and card present payment solutions with robust online reporting capabilities. Visit https://www.merrco.com/partners/ to learn more about becoming a Merrco partner.
Travis Rexroad, Sr. Director of Communications, WM Technology, Inc. trexroad@weedmaps.com
Source: WM Technology, Inc.
FAQ
What is WM Technology's recent update related to cannabis delivery in Ontario?
WM Technology has introduced digital payment solutions for Ontario cannabis retailers, allowing in-app payments to enhance customer experience and service efficiency.
How is WM Technology (MAPS) planning to support retailers in Ontario?
WM Technology supports Ontario retailers by offering integrated digital payment processing, customized product menus, and streamlining the ordering process through its WM Store and WM Orders platforms.
What are the benefits of the new payment solutions offered by WM Technology in Ontario?
The new payment solutions facilitate cashless transactions, improve compliance with purchasing limits, and cater to the growing demand for cannabis delivery and curbside pickup.
How does WM Technology plan to expand its services beyond Ontario?
WM Technology aims to leverage its success in Ontario to launch digital payment solutions in other Canadian provinces, enhancing its presence in the cannabis market.
