The company has purchased “Wheres Weed” and its website, which receives 2.9 million hits a month
An up-and-coming company in the cannabis world, Golden Developing Solutions out of Austin, TX, has announced the purchase of another cannabis-centered company, “Where’s Weed.” The latter is behind the wheresweed.com website, a community-based online tool used by a large number of cannabis users.
The acquisition will give Golden complete control over the website, which reportedly receives more than 2.9 million page views a month, and the company’s WheresWeed mobile application. The mobile app, which is available for Android, iOS and Windows Phone devices, has reportedly been downloaded more than 80,000 times.
In a company statement, Golden CEO Stavros Traint said, “Where’s Weed is a perfect complementary piece of the puzzle for DVLP right now. The growth potential for this additional segment is enormous and will powerfully benefit from an infusion of capital. We will close the deal shortly, and I will update shareholders on the details of this extremely exciting new asset under our umbrella.”
He continued, “We have been looking for the right vehicle to capitalize on the massive growth curve in the marijuana space. The huge flood of new growers and producers is likely to create oversupply in the near term, narrowing margins for major producers. However, this should actually increase the net number of new consumers in the marketplace, further reinforcing the enormous growth potential for hub service providers in the space that are situated on high-traffic internet real estate, which is exactly how we view the Where’s Weed property.”
Where’s Weed is a cannabis technology company based in the US that helps connect medical and recreational cannabis users with local marijuana businesses that have been verified by the community. It was founded in 2011 and released its Android app in 2014, with the iOS app following the next year.