WM Technology to acquire marijuana marketing platform Sprout

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Irvine, California-based WM Technology, a cannabis special purpose acquisition company (SPAC), said it acquired Sprout, a cloud-based customer relationship management and marketing platform for the marijuana space.

Terms of the deal were not disclosed.

WM Technology is the parent company of Weedmaps, a digital marijuana retail directory that offers such features as menus and online ordering.

WM Technology went public in June after merging with SPAC Silver Spike Acquisition Corp.

The acquisition is expected to help clients target, reach, acquire and retain customers at scale, according to Chris Beals, CEO and chair of WM Technology.

Sprout is used by cannabis dispensaries and brands in the U.S., Canada and Puerto Rico, according to a news release.

“With the addition of Sprout, we are one step closer to realizing this vision of providing an all-in-one seamless and integrated solution to run, manage and grow one’s cannabis business,” Beals said in the release.

WM Technology trades as MAPS on the Nasdaq exchange.