IRVINE, Calif. — Weedmaps founders Douglas Francis and Justin Hartfield have withdrawn their offer to buy back the company, which they took public in a SPAC merger in 2021.
A special committee appointed by the Board of Directors of WM Technology Inc. received a letter dated June 23, 2025, in which Francis, a founder, Chief Executive Officer and Chairman of the Board; Hartfield, a founder and stockholder; and entities affiliated communicated that, due to certain external factors, they withdrew their non-binding proposal, dated December 17, 2024, to purchase all of the outstanding common stock (Class A and Class V) of WM Technology not already beneficially owned by them for $1.70 per share. The letter also noted Francis and Hartfield will continue to evaluate a transaction and may submit an alternative proposal, although they offered no guarantees.
The Special Committee does not intend to comment on or disclose further developments regarding any potential transaction unless and until it deems further disclosure is appropriate or required. The Special Committee has retained Evercore Group L.L.C. as its independent financial advisor and Allen Overy Shearman Sterling US LLP as its independent legal advisor.
About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of e-commerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. Over the past 16 years, the Weedmaps marketplace platform has become a destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where available) and learn about the plant. The Company also offers e-commerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.
The Company is committed to advocating for full U.S. legalization, industry-wide social equity, and continued education about the plant through key partnerships and cannabis subject matter experts.
