# WM Technology, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/WM Technology, Inc.).

## Overview

WM Technology, Inc. operates the Weedmaps online marketplace and a related software suite for licensed cannabis retailers, delivery operators, and brands in the United States. Its platform combines consumer discovery, ordering, advertising, compliance tools, and business software for cannabis businesses that operate in state-legal markets.

## Products & services

• Weedmaps consumer marketplace and listings
• WM Listings and WM Orders subscription software
• WM Store white-labeled ordering websites
• WM Connectors API and POS integrations
• WM Insights analytics and reporting
• WM Ads, Featured Listings, and WM Deal tools

- **Marketplace listings** (35%) — Consumer-facing cannabis listings, menus, and discovery pages on Weedmaps.
- **SaaS subscriptions** (40%) — Monthly Weedmaps for Business software for listings, orders, and compliance workflows.
- **Advertising products** (20%) — Featured placements, banner ads, promotion tiles, and other ad solutions.
- **Integrations and analytics** (5%) — APIs, connectors, and insights tools that link menus, POS systems, and reporting.

- Weedmaps consumer marketplace and listings
- WM Listings and WM Orders subscription software
- WM Store white-labeled ordering websites
- WM Connectors API and POS integrations
- WM Insights analytics and reporting
- WM Ads, Featured Listings, and WM Deal tools

## Customers

Customers are licensed cannabis retailers, delivery operators, and cannabis brands in U.S. state-legal markets. The platform also serves cannabis consumers who use Weedmaps to discover products, browse menus, and place or reserve orders through participating retailers. Some clients are doctors and other related client types, but the core commercial base is cannabis businesses that need compliant digital commerce and marketing tools.

- **Cannabis retailers** (primary) — Storefront dispensaries buy listings, menus, ordering, and compliance tools to attract and convert local consumers.
- **Delivery operators** (primary) — Delivery businesses use Weedmaps to publish menus, receive orders, and manage fulfillment workflows.
- **Cannabis brands** (secondary) — Brands buy visibility, analytics, and routing tools to reach retailers and track product performance.
- **Cannabis consumers** (primary) — Consumers use the marketplace to discover products, compare options, and reserve or order locally.
- **Other licensed cannabis clients** (emerging) — Related client types such as doctors may purchase listings or visibility products in supported markets.

- Licensed cannabis retailers that need listings, menus, and order tools
- Delivery operators that use the platform for local ordering and fulfillment
- Cannabis brands that want discovery, placement, and retailer routing
- Consumers who browse products and place pickup or delivery orders
- Clients that need compliance-friendly digital storefront and analytics tools

## Geography

WM Technology is headquartered in Irvine, California and its business is centered on legalized cannabis markets in states and territories of the United States. The company’s revenue exposure is therefore tied to U.S. cannabis regulation, state licensing pace, and the geographic rollout of legal markets rather than international consumer demand.

- Headquartered in Irvine, California
- Business focused on legalized cannabis markets in the United States
- Revenue depends on state and territory licensing and market expansion
- Platform coverage is market-specific because cannabis rules vary by state
- Foreign jurisdictions appear mainly in tax and corporate structure context

## Strategy

The company is focused on growing its marketplace and software ecosystem through organic product investment and selective acquisitions. It is also investing in marketing, business listings, data assets, and software functionality to deepen engagement with retailers, brands, and consumers.

- **Grow marketplace and software adoption** (short-term) — More listings and subscriptions increase platform utility and client retention.
- **Strengthen product functionality and data assets** (medium-term) — Better integrations and analytics make the platform more embedded in client workflows.
- **Increase brand awareness and market reach** (short-term) — Cannabis businesses often join through network effects, but marketing supports scale and visibility.
- **Pursue selective acquisitions** (medium-term) — Acquisitions can add complementary technology and accelerate growth.

- Expand marketplace listings and improve consumer discovery
- Invest in Weedmaps for Business functionality and integrations
- Use marketing to strengthen brand awareness and client acquisition
- Add data and analytics capabilities for brand and retailer clients
- Pursue selective acquisitions that complement the product set

## Risks

The business depends on the pace of cannabis legalization, licensing, and market expansion, so slower regulatory rollout can limit customer growth. It also faces competition for marketplace traffic and ad inventory, while its holding-company structure means cash generation depends on distributions from operating subsidiaries.

- **Slower cannabis market expansion** [high] — Revenue depends on new licenses and new legal markets, which can expand unevenly.
- **Competitive pressure on marketplace and ad products** [high] — The platform relies on consumer traffic and fixed ad inventory, which can be contested by other digital channels.
- **Cybersecurity and integration risk** [medium] — Software systems and acquired technologies can introduce vulnerabilities and operational disruption.
- **Holding-company liquidity dependence** [high] — WM Technology relies on distributions from WMH LLC and subsidiaries to fund obligations.

- Cannabis licensing pace can slow customer growth and revenue expansion
- Competition can pressure marketplace traffic and ad pricing
- Cybersecurity and integration risks rise with software and acquisition activity
- Holding-company structure depends on subsidiary distributions
- Brand promotion and marketing spend may not translate into adoption

## Accounting

Revenue is recognized over time for monthly subscriptions, ads, and related services, so timing of client activity and renewals affects quarterly comparability. Investors should also watch estimates tied to income taxes, stock-based compensation, capitalized software development, credit losses, goodwill and intangibles, and fair value measurements, because these areas rely heavily on management judgment.

- **Revenue recognition over time** — Quarter-to-quarter comparability
- **Income taxes and tax receivable agreement** — Tax expense and balance sheet liabilities
- **Stock-based compensation** — Operating expenses and dilution
- **Goodwill and intangible assets** — Non-cash impairment charges
- **Capitalized software development costs** — Operating expense and asset values

- Monthly subscriptions and ads are recognized over time
- Quarterly revenue can shift with renewals and ad inventory demand
- Income tax accounting is affected by partnership and TRA structure
- Stock-based compensation affects operating expense and dilution
- Goodwill, intangibles, and credit loss estimates require judgment

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*Last updated: 2026-04-29T05:09:42.285991+00:00*