Weedmaps
“Can the leading cannabis marketplace embed compliant payments into an industry that Visa/Mastercard/traditional banks still refuse to serve?”
Founded2008
HQIrvine, California, USA
FoundersJustin Hartfield, Doug Francis
Total raised$1.1B
Latest roundSPAC merger with Silver Spike Acquisition Corp (2021)
Valuation~$1.5B post-SPAC equity value (2021)
IndustryVertical SaaS / Cannabis
The story
Founded 2008 as a consumer marketplace connecting cannabis buyers with dispensaries. Evolved into a two-sided platform with WM Business SaaS for retailers/brands (menus, orders, ads). Went public via SPAC in 2021 at ~$1.5B. Since 2022, has built out a Global Payments Strategy function to solve the cannabis industry's federally-restricted payments problem — culminating in the 2024 launch of ACH Checkout, its first embedded payment product routed through a third-party ACH provider (Weedmaps disclaims any role in the payment flow, positioning itself as software-only).
Last 12 months
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Product timeline
2008
Weedmaps founded as an online listings marketplace for cannabis dispensaries· launch
2020
Announced SPAC merger with Silver Spike Acquisition Corp· ipo
2021
Completed SPAC business combination; listed on Nasdaq as WM Technology (MAPS)· ipo
2022
Hired GM/Sr. Director of Global Payments Strategy (James Dagonas) to develop compliant omnichannel payments solutions for cannabis retailers· payments
2024
Launched ACH Checkout feature for WM Orders via third-party ACH payments provider· payments
The stack
1 layer disclosed in Weedmaps’s embedded-finance stack
Money movement
Accounting gap: none