WM Technology operates Weedmaps, a two-sided online marketplace and SaaS platform serving the U.S. legal cannabis industry. On the consumer side, Weedmaps is a website and app where cannabis consumers search for products, browse prices, read reviews, and place pickup or delivery orders from local dispensaries — similar to Yelp or DoorDash for cannabis retail. On the business side, Weedmaps sells a suite of software tools to cannabis retailers and brands on a monthly subscription basis, including listing management, online ordering, white-label storefronts, POS integrations, and analytics, with add-ons like featured listings, display ads, and last-mile delivery software. Weedmaps does not touch cannabis products directly and has no exposure to cannabis input costs or real estate. Revenue is driven by two factors: the number of paying clients (roughly 5,190 average monthly paying clients as of FY25, across 35+ U.S. states) and average revenue per client (roughly $2,850–$3,000 per month). The platform operates on a lean, cloud-based model with consistent adjusted EBITDA margins. A potential long-term monetization opportunity exists in transaction fees on cannabis GMV flowing through the platform, though federal restrictions on cannabis payments currently prevent Weedmaps from capturing any take rate. The long-term growth thesis hinges on continued state-level legalization expanding the pool of licensed retailers, and potential federal cannabis reform unlocking new revenue streams.