WM Technology (MAPS), mcap=$635m, price $3.63 vs $3.15

– The operator of online listings/marketplace platform for cannabis products globally.
– A safer bet than MSOs on the continued growth of the legal cannabis market.
– Sold-off 90% with other de-SPACs.
– 15m MAUs with half of the legal dispensaries already listing/advertising on the platform.
– Strong network effects with 2x faster growth and 5x higher ARPU compared to comp $LFLY, despite already having a 5x larger revenue base.

– Current revenues are nascent.
– Trades at 1.4x ’23 revenue and 2.9x ’23 EBITDA (assuming 50% margins).

Exp. gain: 40x in ten years.

Full $MAPS write-up (free guest account required):

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