Weedmaps CEO Chris Beals Steps Down as Company Posts Loss
- last year
WM Technology CEO Chris Beals has “decided to step down” and left the company, the cannabis advertising and technology firm said. The Irvine, California-based parent company of Weedmaps also had a quarterly loss of $10.5 million, according to a Monday news release. Doug Francis, a co-founder, executive chair and former CEO of the company, will lead WM Technology while it looks for a new CEO.
“While end-market conditions have been challenging, we can be executing at a higher level by getting more focused and streamlined,” Francis said in a statement. WM Technology’s $10.5 million third-quarter loss came after a $49.2 million profit the year before, despite similar quarterly revenue of $50.5 million versus $50.9 million a year earlier.
The company reported 5,576 average monthly paying clients, up about 25% from the same quarter in 2021. Yet, average monthly revenue per paying client fell 21% year-over-year to $3,019. For the current quarter, management anticipated “a year-over-year decline in the low double digit percentage area for fourth quarter revenue.” WM Technology laid off 10% of its staff in August, citing a slowing U.S. marijuana market and economic headwinds.
“While end-market conditions have been challenging, we can be executing at a higher level by getting more focused and streamlined,” Francis said in a statement. WM Technology’s $10.5 million third-quarter loss came after a $49.2 million profit the year before, despite similar quarterly revenue of $50.5 million versus $50.9 million a year earlier.
The company reported 5,576 average monthly paying clients, up about 25% from the same quarter in 2021. Yet, average monthly revenue per paying client fell 21% year-over-year to $3,019. For the current quarter, management anticipated “a year-over-year decline in the low double digit percentage area for fourth quarter revenue.” WM Technology laid off 10% of its staff in August, citing a slowing U.S. marijuana market and economic headwinds.