WM Technology, Inc. (MAPS)

WM Technology, Inc. operates Weedmaps, a technology marketplace and software provider for the cannabis industry, from Irvine, California. Weedmaps was founded in 2008 and became one of the best-known online destinations for consumers to find cannabis retailers, delivery services and products. The company was led for many years by chief executive Doug Francis, one of its early founders.

The business had two main parts. The Weedmaps marketplace connected consumers with licensed retailers and brands, offering listings, menus, reviews and product information and allowing shoppers to reserve products for pickup or delivery. WM Business provided subscription software for licensed operators, including tools for online ordering, delivery, point of sale, dashboards and compliance, along with advertising products.

WM Technology became a public company in June 2021 through a business combination with Silver Spike Acquisition Corp., a special purpose acquisition company. The combined company listed its Class A common stock and warrants on Nasdaq under the symbols MAPS and MAPSW. The structure was an Up-C, with some founding owners holding economic interests through an operating partnership.

The company expanded its software offerings through acquisitions. It purchased Sprout, a customer relationship management product for cannabis retailers, and Cannveya, a delivery logistics and compliance platform. It also worked to build integrations and an application programming interface so third-party systems could connect with its tools.

Industry conditions in legal cannabis were difficult in the years after the listing, with price compression, limited access to capital, and slow progress on federal regulatory change. In April 2026, the company said it intended to voluntarily delist its Class A common stock and warrants from Nasdaq, move trading to the OTCQX market and deregister the securities. Management said that challenging industry conditions limited core growth and that the Nasdaq listing constrained the company's ability to broaden its strategic scope.

A Form 25 was filed in April 2026 for the Class A common stock and the warrants. The company stated that it expected to continue providing quarterly financial updates through the end of 2026 as required and would then evaluate its reporting approach. The delisting was not part of an acquisition, and no consideration was paid to shareholders.