WM Technology to Delist from Nasdaq

IRVINE – WM Technology, Inc., the company behind the Weedmaps online Cannabis marketplace, announced that it will voluntarily pull its Class A common stock and warrants from the Nasdaq Global Select Market.

The move comes after the company’s board reviewed its position as a provider of marketplace and software tools to state-legal Cannabis businesses. WM Technology plans to file a Form 25 with the Securities and Exchange Commission around April 17, with the last day of trading on Nasdaq expected around April 24. It then intends to file a Form 15 to end its SEC reporting obligations under the Exchange Act.

Once the delisting takes effect, the stock and warrants are expected to trade on a platform run by OTC Markets Group. The company noted that continued market-making by brokers is not assured.

In explaining the decision, the board pointed to four main considerations. A Nasdaq listing, it said, restricts the company’s ability to serve Cannabis markets fully. It also limits options for building lasting value in an industry shaped by shifting rules. Trading volume has stayed thin, with few similar public companies drawing investor or analyst attention. Finally, the costs and staff time required for ongoing filings and compliance have grown burdensome.

Doug Francis, CEO and chairman, said the step would give the company more room to operate. “This decision is about positioning WM Technology to win over the long term,” he stated. “The Cannabis industry has a unique regulatory reality, and operating outside the constraints of a national exchange gives us the agility and focus to build the best possible business for our clients and investors as this industry continues to evolve.”

WM Technology, founded in 2008, runs Weedmaps as a consumer-facing site for product discovery, deals, and ordering in legal markets. It also supplies compliance and e-commerce software to retailers and brands. For the full year 2025, the company posted revenue of $174.7 million and maintained adjusted EBITDA at a profit for several straight quarters.

The delisting arrives after a period that included past SEC scrutiny over monthly active-user metrics, settled shareholder litigation, and a February notice from Nasdaq about the stock’s closing price falling below the $1 minimum for continued listing.