WM Technology (MAPS) Initiating Coverage

Buying a profitable subscription ad business, playing on secular theme of cannabis legalization at low EBITDA multiple & deep discount to take-over offer

Since launch, our goal with Sophon Microcap Atlas has been to build the definitive research hub for underfollowed sub-$500M companies. Each month we’re adding deep-dive coverage, proprietary scoring frameworks, and differentiated insights you won’t find anywhere else. With every report, the value of the platform compounds — but so does the subscription price.

We’ve structured it this way deliberately: to reward early adopters who believe in what we’re building. Subscribers who joined at launch are still paying their original rate, and they’ll keep that price for life. By contrast, new readers coming in today are already paying more than they did six months ago.

That’s by design. We’re investing heavily in research, and we want to keep the economics aligned with our most loyal readers.

When you join Sophon Microcap Atlas, your subscription price is locked in for life. We raise rates by $15 every two months to reflect the growing value of our research library, but early subscribers keep their lower rate forever. On November 1, the price rises to $60/month or $540/year — lock in now at $45/month or $400/year and you’ll still be paying that rate years from now, even when the service is worth thousands.

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View: Neutral/Waitlist

Sophon Score: 73/100 (see evaluation rubric at end of note)

Weedmaps (~$181M market cap) is the leading digital infrastructure for U.S. cannabis retail, connecting consumers with dispensaries while providing operators with compliance and back-office tools. The model is subscription-driven, capital-light, and reinforced by network effects: more users attract more dispensaries, and vice versa - all without exposure to actual cultivation of marijuana