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Weedmaps Continues to Lead the Cannabis Industry with Strong Q1 2023 Results

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California-based WM Technology Inc., also known as Weedmaps, reports strong Q1 2023 results with revenue of $48.0 million and shrank losses to $3.9 million. Despite CEO Chris Beals stepping down, the leading online cannabis marketplace continues to thrive with new partnerships and innovative marketing strategies.

description: an anonymous image of a person holding a rolled joint with a plate of snacks in the background.

WM Technology Inc., the company behind Weedmaps, is one of the leading technology and software infrastructure providers to the cannabis industry. On May 9, 2023, the company announced its first-quarter financial results with revenue of $48.0 million and losses shrinking to $3.9 million, a significant improvement from the previous year.

Despite CEO Chris Beals stepping down less than a month ago, Weedmaps continues to lead the online cannabis marketplace. The company has announced new partnerships with cannabis brands, such as Jack in the Box, which became the first fast-food chain to make a media buy on the platform.

As cannabis usage becomes more mainstream, brands like Jack in the Box are fanning the flames of their cannabis-friendly marketing strategies. With over 10 million monthly active users, Weedmaps offers a unique opportunity for brands to reach a highly engaged audience.

In addition to partnerships, Weedmaps continues to innovate its platform with new features and services. The company recently launched Weedmaps Delivery, a service that allows customers to order cannabis products for Delivery from licensed dispensaries.

Weedmaps also offers a variety of tools for cannabis businesses, such as WM Business, which helps dispensaries manage their online presence, and WM Exchange, which allows licensed cannabis businesses to buy and sell wholesale cannabis products.

The cannabis industry is rapidly growing, and Weedmaps is at the forefront of this growth. According to a report by Grand View Research, the global legal marijuana market is expected to reach $73.6 billion by 2027, with North America being the largest market.

As more states legal cannabis for both medical and recreational use, the demand for cannabis products and services is expected to continue to grow. Weedmaps is well-positioned to capitalize on this growth with its innovative platform and strong partnerships.

In addition to its business offerings, Weedmaps also provides resources for cannabis consumers, such as strain information and dispensary reviews. The platform allows users to search for cannabis products and dispensaries in their area and provides information on product availability and pricing.

For cannabis tourists, Weedmaps offers a unique opportunity to explore the cannabis culture of different cities. Las Vegas, for example, offers a variety of cannabis smoking, eating, touring, and art experiences for tourists looking to consume the plant and enjoy the city's unique offerings.

In conclusion, Weedmaps continues to lead the cannabis industry with its innovative platform, strong partnerships, and unique marketing strategies. The company's strong Q1 2023 results prove that it is well-positioned to capitalize on the growing demand for cannabis products and services. As the cannabis industry continues to grow, Weedmaps is poised to remain a key player in the space.

The scene is set: your weed is rolled or packed, and your plateful of snacks is piled high—all you need now is something to watch. With Weedmaps, you can find the perfect strain and dispensary in your area and explore the unique cannabis culture of different cities. Whether you're a cannabis business owner or a consumer, Weedmaps offers a variety of tools and resources to help you navigate the rapidly growing cannabis industry.

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