WM Technology, Inc.
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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaConsumer-facing cannabis listings, menus, and discovery pages on Weedmaps.
Monthly Weedmaps for Business software for listings, orders, and compliance workflows.
Featured placements, banner ads, promotion tiles, and other ad solutions.
APIs, connectors, and insights tools that link menus, POS systems, and reporting.
Tuotteet
Raportoitu · osuus liikevaihdosta- Featured Listing60,7 %
- Weedmaps for Business and Other Saa S Solutions30,5 %
- Other8,8 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
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.
Storefront dispensaries buy listings, menus, ordering, and compliance tools to attract and convert local consumers.
Delivery businesses use Weedmaps to publish menus, receive orders, and manage fulfillment workflows.
Brands buy visibility, analytics, and routing tools to reach retailers and track product performance.
Consumers use the marketplace to discover products, compare options, and reserve or order locally.
Related client types such as doctors may purchase listings or visibility products in supported markets.
Strategia
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.
More listings and subscriptions increase platform utility and client retention.
Better integrations and analytics make the platform more embedded in client workflows.
Cannabis businesses often join through network effects, but marketing supports scale and visibility.
Acquisitions can add complementary technology and accelerate growth.
Maantiede
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.
Riskit
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 expansionVaikutus: KorkeaTodennäköisyys: Korkea
Revenue depends on new licenses and new legal markets, which can expand unevenly.
Kohdistuu: U.S. state-legal cannabis markets
- Competitive pressure on marketplace and ad productsVaikutus: KorkeaTodennäköisyys: Korkea
The platform relies on consumer traffic and fixed ad inventory, which can be contested by other digital channels.
Kohdistuu: Marketplace listings and advertising
- Holding-company liquidity dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
WM Technology relies on distributions from WMH LLC and subsidiaries to fund obligations.
Kohdistuu: Corporate structure and cash flow
- Cybersecurity and integration riskVaikutus: KeskitasoTodennäköisyys: Matala
Software systems and acquired technologies can introduce vulnerabilities and operational disruption.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätMonthly subscription and advertising services are recognized as delivered, affecting timing of reported revenue.
Vaikutus: Quarter-to-quarter comparability
The partnership structure and TRA create judgment around tax provisions and related liabilities.
Vaikutus: Tax expense and balance sheet liabilities
Equity awards are a meaningful operating expense and depend on valuation assumptions.
Vaikutus: Operating expenses and dilution
Acquisitions and platform assets may require impairment testing if performance weakens.
Vaikutus: Non-cash impairment charges
Product investment can be capitalized and amortized, affecting expense timing.
Vaikutus: Operating expense and asset values
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Päivitetty: 24.9.2026