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July 25, 2022, 8:58 a.m. EDT

Weedmaps generates complaints about advertising illegal marijuana shops: MJBiz

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By Steve Gelsi

State and federal regulators received complaints in May and June that Weedmaps, the cannabis listings unit of WM Technology Inc. /zigman2/quotes/214483293/composite MAPS -2.48% , has been once again advertising illegal or unlicensed marijuana products and retailers in California, MJBiz reported Monday. Executives at Los Angeles-based Canex Delivery filed complaints with the Securities and Exchange Commission as well as the California Department of Cannabis Control. The company could face fines for the activity, depending on the outcome any probe by regulators, the report said. A spokesperson for Weedmaps told MJBiz the company has not received any communication from regulators on any alleged complaints from Canex Delivery and its executives. The company did not comment on the allegations. Weedmaps in 2019 said it would stop advertising unlicensed marijuana businesses. Shares of WM Technologies are down 43.3% this year, compared to a loss of 24.4% by the Nasdsaq /zigman2/quotes/210598365/realtime COMP -0.58% .

US : U.S.: Nasdaq
$ 0.88
-0.02 -2.48%
Volume: 289,934
Dec. 6, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$134.79 million
Rev. per Employee
US : Nasdaq
-83.20 -0.58%
Volume: 5.19B
Dec. 6, 2023 5:16p

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