WM Technology, Inc. (NASDAQ:MAPS), a leading marketplace and technology solutions provider to the cannabis industry, announced on Thursday that it had appointed Anthony Bay as the new chairman of the Company's Board of Directors.
Bay will succeed Chris Beals who was serving as the acting chairman of the Board. Beals will continue his role as a member of the board and CEO of WM.
"I could not be more excited to welcome Anthony to serve as Chairman of our Board of Directors," Beals said. "Since becoming a public company, our search for an independent chairperson has been driven by our commitment to be ‘best in class' in corporate governance and to ensure we have the best advisors possible.”
“Anthony understands the challenges and complexities associated with operating a two-sided marketplace, and brings with him a wealth of experience advising management teams, scaling hyper-growth technology companies, and serving on a number of company boards, all of which will be critical as we continue to chart WM Technology's path forward in the global cannabis marketplace," added the CEO.
An Expert In Rapid Formative Growth
In his new role as chairman of WM Technology, Bay will work on new growth opportunities including expansion into new legal cannabis markets, data monetization and broader brand offerings.
Bay is the founder and CEO of Techquity, an operating advisory firm of senior tech executives, has worked for Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) during periods of rapid, formative growth.
"The opportunity to join WM Technology's board comes at a time where the company has firmly established itself as the leading two-sided marketplace in the cannabis sector and is pairing that with a compelling suite of technology solutions for cannabis operators," Bay stated in a press release.
"WM Technology is well-positioned for growth, with the Company continuing to capitalize on the rapid expansion of the cannabis sector and the progress toward federal legalization. I look forward to working in partnership with Chris, the other board members, and the rest of the leadership team to capitalize on the immense opportunity the Company has before it,” Bay added.
In February, WM announced its financial results late for the fourth quarter ending December 31, 2021. Gross Profit was $185.2 million, implying a 96% margin rate. Net income was $152.2 million as compared to $38.8 million in 2020 and average monthly revenue per paying client increased to $3,711 (14% YoY).
Image By Ilona Szentivanyi.
