WM Technology (Weedmaps)
- 🦄Became a unicorn2021
- 📈Peak valuation$1.5 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$150M
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. Glassdoor reviews chart the whiplash inside during the slide — layoff rounds arriving as often as quarterly, one landing two days before Thanksgiving 2022, reorgs roughly every six months, a revolving C-suite after the founder's return, and remote-era perks from monthly Fridays off to parental leave steadily clawed back as morale sank with the share price.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
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)
