ADDED
As of March 5, 2026, there were 111,187,614 shares of the registrant s Class A common stock outstanding and 47,852,652 shares of Class V common stock outstanding.
We are dependent on our banking relations, and we may have difficulty accessing or consistently maintaining banking or other financial services due to our connection with the cannabis industry We track certain performance metrics with internal tools and do not independently verify such metrics.
If our information technology systems or those third parties with whom we work, or our data, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse consequences.
The state-legal cannabis industry in the United States has grown consistently in recent years and was estimated to be approximately $34 billion in 2025, according to Wall Street analyst estimates, and is expected by some estimates to grow to approximately $43 billion by 2027, assuming a continued pace of new state legalization, with majority of U.S.
With Weedmaps for Business, we offer an end-to-end platform for licensed cannabis retailers to comply with state law.
We hold a strong belief in the importance of enabling safe, legal access to cannabis for consumers worldwide.
With $174.7 million in revenues and 5,190 average monthly paying clients for the year ended December 31, 2025, we believe we are the largest two-sided platform for cannabis businesses and consumers in the United States.
A Fully-Integrated Solution Specific to the Cannabis Industry.
Based on our internal research, we believe the minimum level of acceptable retail density to have a healthy and functioning licensed market is one licensed retailer per 10,000 residents.
As of December 31, 2025, there were approximately 13,600 existing retail licenses across the United States.
REMOVED
As of March 5, 2025, there were 105,028,513 shares of the registrant s Class A common stock outstanding and 49,319,542 shares of Class V common stock outstanding.
Expansion of our business is dependent, in part, on the continued legalization of cannabis.
We are dependent on our banking relations, and we may have difficulty accessing or consistently maintaining banking or other financial services due to our connection with the cannabis industry.
We track certain performance metrics with internal tools and do not independently verify such metrics.
Any security incident, including a distributed denial of service attack, ransomware attack, security breach or unauthorized data access could impair or incapacitate our information technology systems or those of third parties with whom we work and delay or interrupt service to our clients and consumers, harm our reputation, or subject us to significant liability.
Despite expectations of growth, the regulated cannabis market in the United States is still nascent and fragmented, with significant challenges facing both consumers seeking to understand cannabis and find the right products for them and businesses seeking to operate compliantly and to effectively reach and market to cannabis consumers.
Within the U.S., cannabis users (defined as adults, aged 21 and older, who have consumed cannabis in the past year) represent less than 22% of the total U.S.
adult, aged 21 and older, population today (and less than 16% for those that consumed in the past month).
After a dispensary receives the order request from the consumer, the dispensary and the consumer can continue to communicate, adjust items in the request, and handle any stock issues, prior to and while the dispensary processes and fulfills the order.
To capitalize on the growth opportunities of our two-sided marketplace and solutions, we plan to continue making investments in raising brand awareness, increasing penetration within existing markets and expanding to new markets, as well as continuing to develop and monetize new solutions to extend the functionality of our platform.