IRVINE, Calif. - Weedmaps (NASDAQ: MAPS), a prominent online marketplace for cannabis, announced today the addition of Glen Ibbott to its Board of Directors. Ibbott's appointment, effective today, brings a seasoned financial expert with extensive experience in the cannabis sector to the company's leadership.
Ibbott, the founder of GK Financial Ventures, has a robust background in finance with over 25 years in the field. His resume includes a significant tenure as the Chief Financial Officer of Aurora Cannabis (NASDAQ:ACB) Inc., a major player in the global cannabis market. Ibbott's expertise is expected to play a crucial role in guiding WM Technology, the parent company of Weedmaps, as it continues to expand and advocate for legal cannabis access worldwide.
With dual MBAs from Cornell University and Queen’s University, and a Chartered Professional Accountant certification in Canada, Ibbott's educational qualifications complement his professional experience. His previous roles have spanned senior finance positions in various publicly traded companies across Canada, including a stint as CFO at biotechnology firm QLT Inc.
Doug Francis, Executive Chair of WM Technology, expressed enthusiasm for Ibbott's arrival, highlighting the value he is anticipated to bring to the Board. Ibbott himself commented on the timeliness and potential of the cannabis industry in the U.S. and globally, expressing eagerness to contribute to Weedmaps' mission and shareholder value.
Weedmaps, since its inception in 2008, has established itself as a go-to platform for consumers to explore and purchase cannabis products, offering services such as dispensary deals and educational resources. The company also provides eCommerce and compliance software solutions for cannabis businesses, aiming to enhance efficiency and manage regulatory compliance.
The company's advocacy for full U.S. legalization and social equity in the industry underscores its commitment to the cannabis community. WM Technology, headquartered in Irvine, California, endorses flexible work arrangements for its staff.
This strategic board appointment is part of Weedmaps' ongoing efforts to strengthen its leadership as it navigates the dynamic cannabis industry. The information for this article is based on a press release statement.
In other recent news, WM Technology has experienced several noteworthy developments. The company's shareholders approved executive pay and elected directors during their recent annual meeting. The company also agreed to a $1.5 million settlement with the Securities and Exchange Commission (SEC) following an investigation into the reporting of its monthly active users.
The company's Chief Technology Officer, Duncan Grazier, has resigned but will continue to serve in an advisory role. WM Technology's Executive Chair, Douglas Francis, was awarded a discretionary performance bonus of $835,000 for fiscal year 2023.
Furthermore, the company is addressing Nasdaq compliance issues related to delays in filing required financial reports. These developments are recent and reflect ongoing changes within WM Technology. The company is diligently working to finalize its financial statements and plans to file the annual report promptly, followed by the quarterly report. These updates are based on the analysis of various analysts and are subject to change.
InvestingPro Insights
As Weedmaps (NASDAQ: MAPS) welcomes Glen Ibbott to its Board of Directors, investors might be interested in some key financial metrics and insights provided by InvestingPro.
The company's impressive gross profit margin of 94.36% for the last twelve months as of Q2 2023 underscores its efficient operations and strong market position in the cannabis industry. This aligns with one of the InvestingPro Tips, which highlights Weedmaps' "impressive gross profit margins." This efficiency could be particularly valuable as the company navigates the evolving cannabis market landscape.
Despite recent challenges, including a 33.84% price decline over the past six months, Weedmaps maintains a strong financial position. An InvestingPro Tip notes that the company "holds more cash than debt on its balance sheet," suggesting financial stability that could support its growth initiatives and advocacy efforts.
Interestingly, while Weedmaps was not profitable over the last twelve months, analysts predict the company will be profitable this year, according to another InvestingPro Tip. This potential turnaround could be significant for investors watching the stock's performance.
For those seeking a deeper understanding of Weedmaps' financial health and market position, InvestingPro offers 8 additional tips, providing a comprehensive view of the company's prospects in the dynamic cannabis industry.
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