WM Technology Inc (NASDAQ: MAPS) is a cannabis technology company that operates Weedmaps, a two-sided marketplace connecting cannabis consumers with licensed retailers and brands, alongside a SaaS suite for cannabis businesses. Revenue comes primarily from monthly subscription fees paid by cannabis retailers and brands for access to the Weedmaps for Business platform, which includes listing pages, order management tools, and white-label eCommerce embeds. The company was founded in 2008, went public via SPAC merger on June 16, 2021, and is headquartered in the United States. As of December 31, 2025, WM Technology actively operated in over 35 U.S. states and territories with adult-use or medical-use cannabis regulations in place. The company reported $174.7 million in revenues and served 5,190 average monthly paying clients, per the 10-K filed March 12, 2026. Direct competitors include Leafly in retail listings, and Dutchie and Jane Technologies in cannabis SaaS. Substantially all revenue was generated in the United States.

Revenue model

Monthly subscription fees from cannabis retailers and brands paying for Weedmaps for Business packages, which include WM Listings, WM Orders, and WM Store tools. Additional revenue comes from featured listings placements sold through a bid-auction process. Clients are billed monthly; average monthly revenues per paying client declined in FY2025 versus FY2024 due to cannabis industry price deflation and new client mix.

Products and services

Weedmaps: consumer-facing cannabis marketplace for product discovery, strain and price browsing, deals, and order-ahead for pickup or delivery. Weedmaps for Business: SaaS suite including WM Listings (retailer and brand listing pages with product menus), WM Orders (software for receiving pickup and delivery orders with POS integration), and WM Store (customizable white-label order and menu embeds for retailer websites). Platform accessible via website and mobile apps on iOS and Android.

Customers and end markets

Paying clients are licensed cannabis retailers and brands operating in U.S. states and territories with adult-use or medical-use cannabis regulations. Clients include individual dispensaries and retail locations within multi-unit holding companies where purchasing decisions are made at the store level. As of FY2025, average monthly paying clients were 5,190. End market is the legal cannabis industry in the United States, which has faced price deflation and consolidation over the prior three years per the FY2025 10-K.

Value-chain role

Marketplace and SaaS intermediary sitting between cannabis consumers and licensed cannabis retailers and brands. Weedmaps passes consumer order inquiries to dispensaries but does not process payments or fulfill orders. The SaaS layer integrates with retailer point-of-sale systems to aggregate inventory and pricing data for display on the marketplace.

Geographic exposure

Substantially all revenue generated in the United States. As of December 31, 2025, actively operated in over 35 U.S. states and territories with adult-use or medical-use cannabis regulations. Non-monetized listings exist in Austria, Canada, Germany, the Netherlands, Spain, Switzerland, and Uruguay.

Competitors

Leafly, Dutchie, Jane Technologies

Source: SEC 10-K, filed 2026-03-12

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