Cannabis Tech Platform Weedmaps Posts $2 Million Profit

LOS ANGELES–Amid a challenging period, WM Technology, known as the cannabis advertising powerhouse Weedmaps, has revealed an encouraging financial turnaround through its latest quarterly profit report.

For the quarter ending on June 30, WM Technology reported a net income of nearly $2 million, a significant shift from the preceding quarter’s $4 million net loss, as highlighted by the Green Market Report.

Comparing with the second quarter of 2022, during which the company showcased a net income of $19.8 million, the year concluded with a net loss of $82.7 million—a trajectory attributed to substantial severance payouts stemming from a notable downsizing effort in the final quarter.

Weedmaps exhibited a modest increase in monthly paying clients, climbing from 5,537 to 5,609, a detail outlined in a recent press release. Nonetheless, the average monthly revenue per paying client witnessed a dip from $3,509 in the corresponding period the previous year to $3,022.

Remarkably, the company’s financial health remained robust, boasting $24.6 million in liquid assets as of June 30, maintaining a debt-free course.

Executive Chair Doug Francis emphasized the fruitfulness of their commitment to fortify their financial foundation, with strategic and operational changes yielding tangible outcomes, bestowing augmented value upon stakeholders. Francis, who assumed leadership following the departure of former CEO Chris Beals, anticipates sustained growth and prosperity for WM Technology.

Chief Financial Officer Arden Lee’s resignation in July marked another transformation within the company, while the Nasdaq stage remains the backdrop for Weedmaps’ narrative, trading under the symbol MAPS.