Fresh off its IPO in June, Weedmaps is making several marketing moves to advance the mainstream consumption of cannabis. The technology platform, which works with more than 17,000 business listings as a cannabis directory and delivery service, is strategically partnering with key organizations that will position the brand for mainstream audiences.
Today, the 13-year-old company is announcing a multi-year partnership with basketball star Kevin Durant and his Thirty Five Ventures, whose co-founder is Durant’s manager Rich Kleiman, as well as a sponsorship program with Thirty Five Ventures’ sports business media network Boardroom. On top of that, in a new deal with Apple, Weedmaps has a new iOS app, out last week, that allows people to order weed straight from their phones.
For Chris Beals, who became CEO of Weedmaps in March 2019, the pace of cannabis legalization across the U.S., especially in key markets like New York, means the company can now focus on reaching broad audiences, not only people in specific cannabis jurisdictions.
“We’ve hit the tipping point of where this is an issue of general consumption and general applicability,” says Beals. “We’ve entered a new phase of how we think about partnerships, relationships, reaching audiences. I think for us, it’s about making the right strategic steps that are going to look good and feel good and having partners who can grow with us, given how fast we’re growing.”
Weedmaps’ business is indeed on a steady upwards projectile. Cannabis is now legal for medical purposes in 37 states, with recreational use legal in 18 states and Washington D.C. Weedmaps’ parent company WM Holding Company went public in June and last week shared its first earnings, in which the company announced second-quarter revenue increased to $47 million, a 21% increase from the same time last year. Meanwhile, monthly active users increased to 12.3 million as of June 2021, up 75% from the same period last year. WM sees an average of $3,706 per month for every user.