Weedmaps

Weedmaps is not a producer, a brand, or a dispensary. It is the invisible digital infrastructure that, since 2008, has been connecting millions of cannabis consumers with legal dispensaries in their area—a role as discreet as it is indispensable in the U.S. legal cannabis ecosystem. Founded in a California apartment by a patient looking for a dispensary, and now a NASDAQ-listed company valued at $579 million, Weedmaps embodies all the ups and downs of the tech-cannabis industry.

An idea born out of a personal need

Justin Hartfield was an SEO consultant in Irvine, California, in 2008 when he realized there was no centralized resource for locating medical cannabis dispensaries in his area. California had legalized medical cannabis as early as 1996, but information about it remained scattered, unclear, and informal.

Hartfield co-founded Weedmaps in July 2008 with Keith Hoerling and Doug Francis—a community-driven platform modeled after Yelp or the Yellow Pages—that allows patients to find dispensaries, read and leave reviews, and compare offerings.

The project started as a hobby. «I had a great name, ‘WeedMaps,’ and it took off much faster than my consulting business,» Hartfield explained. He soon gave up consulting to devote himself to WeedMaps full time.

Rapid, self-funded growth

The platform does not raise venture capital; it is self-funded by advertising revenue from the clinics that pay to be listed. The numbers speak for themselves: $20,000 in monthly revenue in 2009, $400,000 per month in 2010—a 20-fold increase in less than two years. In 2013, Weedmaps attracted 1.675 million unique visitors per month and generated $1.5 million in monthly revenue.

In November 2010, General Cannabis Incorporated acquired Weedmaps for an undisclosed amount. Hartfield remained on as Chief Web Officer. But in February 2013, General Cannabis sold all of its cannabis operations, including Weedmaps, back to the original founders. Hartfield and Francis regained control of their platform.

The Model and the Controversy

Weedmaps’ business model is based on subscriptions and advertising from dispensaries, prescribing doctors, and delivery services. The platform reached its peak as an indispensable resource: for years, any new dispensary opening in California first required a Weedmaps listing. However, criticism began to emerge as early as 2016, with the Los Angeles Times pointing to suspicious reviews and questionable search ranking practices. Weedmaps was also accused of having long listed illegal dispensaries, a practice it only abandoned in 2019 under regulatory pressure.

Initial Public Offerings via SPACs and SEC Sanctions

In December 2020, WM Technology, Weedmaps« holding company, announced a merger with Silver Spike Acquisition Corp., a special purpose acquisition company (SPAC). The transaction was completed in June 2021: Weedmaps went public on the NASDAQ under the ticker symbol MAPS and raised $579 million gross. This marked the peak of the »pot stock” craze.

What followed was less flattering. The SEC investigated the growth figures disclosed during the SPAC transaction and penalized WM Technology for misleadingly presenting its monthly active user growth—an inflation of the figures that had helped inflate the company’s valuation during the transaction.

The Restructuring and the Attempt to Delist

Starting in 2022, WM Technology embarked on a major restructuring: workforce reduction (580 employees by the end of 2022, down from a previous peak), cost streamlining, and a refocus on profitability. The strategy is gradually paying off: the company has posted nine consecutive quarters of positive adjusted EBITDA and achieved annual net profitability in 2024, with revenue of $184.5 million.

But the stock price plummeted. In December 2024, co-founders Doug Francis and Justin Hartfield, who collectively hold more than 40% of the company’s capital, submitted a non-binding offer to buy back all the shares they do not yet own at $1.70 per share (a 39% premium over the market price). In June 2025, they withdrew the offer, citing «external factors,» while indicating that they might submit an alternative proposal. The stock was trading around $0.70 in early 2026.

Weedmaps Today

WM Technology operates out of Irvine (California) and offers two product lines: the consumer-facing marketplace Weedmaps (product discovery, dispensary recommendations, online ordering) and a B2B software suite for cannabis professionals (e-commerce, regulatory compliance). The platform has approximately 5,200 paying business customers per month. It also owns the domain Marijuana.com.

Kevin Durant signed a sponsorship deal with Weedmaps in 2021, stating that he wanted to put an end to «the stigma surrounding cannabis use in the world of sports.».

Despite stock market volatility, Weedmaps remains the industry leader in connecting consumers with legal cannabis businesses in the United States—an infrastructure role that few other platforms have been able to seriously challenge since 2008.