FireStarter: WM Technology Reports $38.5M, Vireo Tops $250M, Illinois Pauses Hemp Enforcement for Plaintiffs

1WM Technology reports $38.5 million in Q3 revenue as client count dips

WM Technology, the company behind Weedmaps, reported third-quarter revenue of $38.5 million on Monday, compared with $42.2 million a year earlier, a difference of $3.7 million. CFO Susan Echard said “revenue was primarily impacted by client payment difficulties.” The company said customers faced margin compression and cash flow constraints, and it chose to terminate clients who were late on payments.

Average monthly paying clients were 4,899, compared with 5,221, mainly because of churn in established markets, partly offset by new clients in developing markets. Average monthly revenue per paying client was $2,618, compared with $2,693. Net loss was $5.9 million, compared with net income of $3.6 million. Adjusted EBITDA was $0.8 million, compared with $7.6 million.

The quarter included $2.2 million of severance from a workforce reduction, according to the release. CFO Echard said spending also went to a securities litigation settlement; the release does not give its amount. Sales and marketing expense was $12.9 million, compared with $11.3 million, as the company increased its user acquisition budget. Cash was $51.0 million on Sept. 30, compared with $62.4 million at the end of 2025.

CEO Doug Francis said, “Optically, our third-quarter results reflect near-term pressures, but operationally, it was a successful quarter that we believe has laid the foundation for future growth.” The company said it is launching a new sponsored ad product for brands this month and has “identified some potential targets” for acquisitions. WM Technology voluntarily delisted from Nasdaq earlier this year and has said it intends to deregister as an SEC reporting company.

2Vireo posts $253.7 million in Q3 revenue after acquisitions, closes FLUENT

Vireo Growth reported third-quarter revenue of $253.7 million on Tuesday, compared with $91.7 million a year earlier. The company attributed the increase to recently closed acquisitions. Cannabis revenue was $198.1 million and non-cannabis revenue was $55.6 million.

On a pro forma basis, which treats the C21, PharmaCann Colorado and Cannabist Colorado deals as if they closed July 1, revenue was $277.0 million. Pro forma cannabis revenue rose 8% from a year earlier, and pro forma retail revenue rose 4%. GAAP gross margin was 42.5%, compared with 40.8%. Adjusted EBITDA was $42.7 million, compared with $25.4 million, and the adjusted EBITDA margin was 16.8%, compared with 27.7%. Net loss was $24.0 million, compared with $26.3 million.

On Monday, Vireo closed its acquisition of FLUENT Corp., issuing 6,148,780 Vireo shares. The deal adds 33 dispensaries and about 117,000 square feet of cultivation and production space. Vireo now has about 210 operating dispensaries in 10 states and expects about 270 across 15 states once announced deals close. Its merger with Planet 13 has not closed. Planet 13 shareholders meet Dec. 10. CEO John Mazarakis said, “With an annualized revenue run rate exceeding $1 billion, we have established significant scale.”

3Chicago Atlantic Real Estate Finance grows its loan book to $527.7 million

Chicago Atlantic Real Estate Finance, a cannabis lender, reported third-quarter net interest income of $12.5 million, or $0.49 per share, on Tuesday, compared with $13.7 million a year earlier. Interest expense was $3.0 million, compared with $1.6 million. Total loan principal was $527.7 million across 28 portfolio companies on Sept. 30, compared with $399.9 million a year earlier.

Distributable earnings were $12.6 million, or $0.49 per diluted share, flat per share from a year earlier. Starting this quarter, the company counts income from its Koach Notes in distributable earnings, which added about $2.6 million. Net income was $6.4 million, compared with $8.9 million, including a $2.8 million provision for credit losses, compared with $0.6 million. The weighted average yield was 14.8%, compared with 16.5%. The company declared a $0.47 dividend for the quarter.

Co-CEO Peter Sack said, “We remain confident in our ability to navigate an evolving landscape while staying disciplined in our underwriting.” The company said its cannabis pipeline was about $174 million, compared with about $204 million last quarter.

4Illinois pauses hemp enforcement for lawsuit plaintiffs until Nov. 19

This is a follow-up to yesterday’s hemp deadline story. Illinois has agreed to “temporarily hold off on enforcement against those covered by the lawsuit for another week,” CBS Chicago reported on Monday. The pause covers businesses in the federal lawsuit and members of the Illinois Healthy Alternatives Association, which the complaint says has about 250 members, The Marijuana Herald reported.

It does not suspend the law statewide. Other businesses must still comply when the Illinois Hemp Act provisions take effect Thursday, Nov. 12, according to the Herald. The law limits products to 0.4 milligrams of THC and would move most hemp-derived THC drinks off traditional retail shelves, CBS Chicago reported.

A federal judge is scheduled to hear arguments on Nov. 19 on whether to block the law while the case proceeds. The case is in the U.S. District Court for the Northern District of Illinois and is assigned to Judge Martha M. Pacold, according to the Herald.

Separately, Total Wine & More CEO Ryan Ross criticized the limits in a company statement. The company estimates low-dose THC beverages sell more than $50 million a year at retail in Illinois. “America already has a solution,” Ross said, calling for age limits, testing and potency caps instead.

5DEA proposes 2027 quotas, says Schedule III marijuana limits will come separately

The DEA filed its proposed 2027 aggregate production quotas for Schedule I and II substances for public inspection on Monday. For marijuana that remains in Schedule I, it proposes 6,675,000 grams of marijuana, 1,000,000 grams of marijuana extract and 1,523,040 grams of delta-9-THC. Those levels are unchanged from 2026, Marijuana Moment reported.

The notice does not set quotas for marijuana moved to Schedule III. It says “a separate notice will be published in the Federal Register once the proposed APQs for the schedule III substances” are determined. DEA said it is registering manufacturers and distributors for those substances and assessing data to estimate legitimate need, Marijuana Moment reported.

The agency proposed 33,296 grams of MDMA and 12,002 grams of ibogaine for 2027, both above the 2026 proposed revised levels. It proposed 60,000 grams of psilocybin and 93,600 grams of psilocyn. A 30-day comment period opens once the notice is formally published.

6Missouri tells licensees rescheduling does not open interstate commerce

Missouri’s Division of Cannabis Regulation says federal rescheduling “does not replace Missouri’s medical marijuana regulatory program.” In Nov. 2 guidance, reported by Marijuana Moment on Monday, the state says “Missouri law currently does not authorize import, export, or interstate commerce of regulated cannabis.”

Federal authorization may be available through DEA registration, but the division says using it “will not be possible until Missouri updates its rules and infrastructure.” It adds that “federal registration is dependent on maintaining state licensure.” The guidance defines moving Missouri-regulated product outside the authorized system as diversion, and bringing in outside product as inversion.

7Aurora sets Dec. 23 shareholder vote on the Organigram deal

Aurora Cannabis will hold a virtual special meeting on Dec. 23, with a Nov. 18 record date, according to a Form 6-K filed Monday. The Marijuana Herald reported the meeting is for the vote on Organigram’s roughly C$561 million acquisition.

Aurora shareholders can choose C$7.80 in cash, 5.8626 Organigram shares, or C$3.75 in cash plus 3.0431 Organigram shares for each Aurora share, subject to proration, according to Organigram’s deal announcement. The deal needs two-thirds of votes cast, plus a majority excluding certain holders, and court approval. It is expected to close in January 2027. Curaleaf’s rival offer, which Aurora’s board rejected, is set to expire Dec. 4 unless extended, the Herald reported.

8Texas’ incoming lieutenant governor weighs medical expansion or full legalization

Texas Lt. Gov.-elect Vikki Goodwin said options include expanding the Texas Compassionate Use Program or full legalization, adding “we still have to have a lot of conversations about that,” Marijuana Moment reported on Monday, citing interviews with MS NOW and WFAA-TV. She noted “differing opinions even within the industry.”

On hemp, Goodwin said she is “not in favor of a THC ban” like the one Lt. Gov. Dan Patrick pushed and Gov. Greg Abbott vetoed. “I am in favor of treating THC like alcohol,” she said. She also said the Department of State Health Services should “unwind the rules that they put in place.”