WM Technology (Weedmaps)

Cannabis tech / marketplaceUSA

New to Unitard

📉 Public < $1B

Peak $1.5 BillionRecorded estimate

~-90%

from peak

🦄
Became a unicorn
2021
📈
Peak valuation
$1.5 Billion ’21
💔
Became a Unitard
2022
💸
Last valuation estimate
~$150M

Current status

Voluntarily delisted from Nasdaq to OTC (MAPS)

The rise & fall

6 moments · 2008–2026

The key moments, with employee sentiment along the way.

2008

Founded as the Yelp of weed

Doug Francis and Justin Hartfield build a dispensary-listings site a decade before cannabis investing goes mainstream.

Wikipedia

Jun 2021

The peak: a $1.5B SPAC debut$1.5B

Merges with Silver Spike Acquisition Corp at the very height of cannabis-investment enthusiasm.

SEC filing

2022

The cannabis crash

Wholesale prices collapse and the illicit market undercuts the licensed dispensaries Weedmaps sells to; growth stalls.

Seeking Alpha

2022

Slips out of the club

The stock loses most of its value within a year of the debut.

Seeking Alpha

2022–24

From the inside · Glassdoor reviews, 2022–24

Glassdoor reviews charted the whiplash of the slide: layoff rounds arriving as often as quarterly — one landing two days before Thanksgiving 2022 — and remote-era perks, from monthly Fridays off to parental leave, steadily clawed back.

Apr 2026

Waves goodbye to Nasdaq

Voluntarily delists to the OTC market, its value a small fraction of the $1.5B debut.

SEC filing

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

WM Technology operates Weedmaps, the dominant listings-and-software marketplace connecting cannabis consumers with licensed dispensaries. It went public in June 2021 via a $1.5B SPAC merger at the height of cannabis-investment enthusiasm, but collapsing wholesale prices and persistent illicit-market competition gutted its growth; the stock lost most of its value and the company delisted from Nasdaq to the OTC market.

Source: SEC / Seeking Alpha / Silver Spike ($1.5B SPAC merger with Silver Spike Acquisition Corp, June 2021; cannabis price collapse and illicit competition gutted it; voluntarily delisted from Nasdaq to OTC)

Founders

Doug Francis
CEO / Co-Founder
No public profile matched
Justin Hartfield
co-founder
Now Fundador at Weed.deLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (2)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard