Weedmaps
👤 Justin Hartfield (Justin Hartfield ran an SEO consulting shop, got a medical card, and aimed his search-ranking skills at a market Google banned.)🌐 siteLinkedIn
A UC Irvine coder got a medical card, saw no map of dispensaries, and built the one nobody else legally could.
Will it work? · our read
Prohibition's moat. Weedmaps owns cannabis discovery because ad giants are legally barred from the industry. Captive demand is real revenue, but clients and sales are shrinking as markets mature.
01How the money moves
A dispensary can't run ads on Google, Meta or Yelp
→
It lists on Weedmaps and buys placement plus storefront tools
→
It pays Weedmaps every month to stay visible to nearby buyers
02The numbers
$184.5MFiledFY2024 revenue (10-K)
FY2024
Revenue peaked at $215.5M in 2022 and has fallen since; 2024 was the return to profit. SEC 10-K
Profitable again in 2024 (+$7.6M net income) after heavy SPAC-era losses.
🔒
You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
We rate our own confidence — and argue against ourselves. Nobody else in this category does.
Sources always public on all 518 cases · cancel anytime · 14-day refund
See a full teardown, free → Transistor.fmSourcesSources last checked 30 July 2026
WM Technology FY2024 Form 10-K (SEC) — $184.5M revenue, 5,077 average monthly paying clients.WM Technology (MAPS) financials, stockanalysis.com — revenue and net income by year.Weedmaps, Wikipedia — history and the 2019 California unlicensed-listings crackdown.Inc / Business Insider: Justin Hartfield profile — the SEO-consultant founding story.WM Technology Q4 and Full Year 2024 results.
Revenue is FILED: $184.5M for FY2024 and 5,077 average monthly paying clients both come straight from WM Technology's SEC Form 10-K (opened and confirmed). Net income of $7.64M is attributable to WM Technology, Inc. specifically (total consolidated GAAP net income was $12.2M, with $4.5M attributable to noncontrolling interests per WM Technology's own IR release), from the same filings via stockanalysis.com. Revenue fell from a 2022 peak of $215.5M to $184.5M in 2024 — two consecutive down years as of the FY2024 filing this card cites (SEC XBRL: 2020 $161.8M, 2021 $193.1M, 2022 $215.5M, 2023 $188.0M, 2024 $184.5M). Weedmaps is public (NASDAQ: MAPS), founded 2008 in Irvine, CA by Justin Hartfield and Doug Francis; Hartfield built it from an SEO-consulting background. Documented drama: California's Bureau of Cannabis Control ordered it to stop listing unlicensed dispensaries in 2019, which it did by 2020. Rival anchors (Leafly SPAC 2022, Dutchie $3.75B raise, I Heart Jane $100M+ raise) are widely reported financing facts, not revenue. Verified first-party via SEC filing. We never score you.