Weedmaps goes public
Weedmaps, the american media giant and tech cannabis, goes public on the Nasdaq in a deal that values the company at $1.5 billion.
«With this merger, we will be able to continue to expand the Weedmaps market in the US and internationally in the service of our users while extending the functionality of our WM Business SaaS offerings in the service of our customers,» said Chris Beals, CEO of Weedmaps.
The Weedmaps business model is twofold:
- It generates advertising revenue from cannabis dispensaries who pay to reach customers who use the site's search tool
- The company sells management software for cannabis businesses
Founded in 2008, Weedmaps has been profitable every year of its operation. The Orange County, California-based company currently has 18,000 business listings in the U.S. and Puerto Rico, and in nine other countries, including Canada, Spain and Switzerland.
The company has around 10 million monthly users.
Weedmaps have experienced some controversy in recent years, particularly with regard to its relationship with California's license-free dispensaries. The company has since announced that it will no longer be listing them.
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