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WM Technology Receives Letter from Founders Regarding Proposed Transaction

Strategic Insights

— 2 min read

WM Technology, a leading technology and software infrastructure provider to the cannabis industry, has confirmed that it received a letter from its founders, Douglas Francis and Justin Hartfield, regarding a proposed transaction. The letter, dated June 23, 2025, stated that due to external factors, the founders must withdraw their non-binding proposal to purchase all outstanding common stock of WM Technology for $1.70 per share. The Special Committee of the Board of Directors has retained Evercore Group L.L.C. as its independent financial advisor and Allen Overy Shearman Sterling US LLP as its independent legal advisor to evaluate the proposal.

The Special Committee does not intend to comment on further developments regarding any potential transaction unless and until it deems further disclosure is appropriate or required. The Committee remains committed to acting in the best interests of WM Technology and all of its stockholders.

WM Technology operates Weedmaps, a leading cannabis marketplace, and offers eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. The Company holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide. Over the past 16 years, the Weedmaps marketplace platform has become a premier destination for cannabis consumers to discover and browse cannabis-related products.

Key Takeaways:

  • WM Technology has received a letter from its founders, Douglas Francis and Justin Hartfield, regarding a proposed transaction to purchase all outstanding common stock for $1.70 per share.
  • The founders have withdrawn their non-binding proposal due to external factors.
  • The Special Committee of the Board of Directors has retained Evercore Group L.L.C. as its independent financial advisor and Allen Overy Shearman Sterling US LLP as its independent legal advisor.
  • The Special Committee will not comment on further developments regarding any potential transaction unless deemed necessary.
  • WM Technology operates Weedmaps, a leading cannabis marketplace, and offers eCommerce and compliance software solutions for cannabis businesses.
  • The Company has a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide.
  • The Company's Weedmaps marketplace platform has become a premier destination for cannabis consumers to discover and browse cannabis-related products.

Statistics:

  • $1.70 per share: proposed purchase price of WM Technology stock.
  • 16 years: duration of WM Technology's operations.
  • 23 June 2025: date of the letter from Douglas Francis and Justin Hartfield.
  • 17 December 2024: date of the original non-binding proposal.
  • 2008: year WM Technology was founded.

Sources:

  • WM Technology press release, June 23, 2025, via Businesswire.
  • WM Technology Annual Report, December 31, 2024, on Form 10-K filed with the Securities and Exchange Commission on March 13, 2025.

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