Marijuana legalization has become a booming business for some entrepreneurs and WeedMaps.com is one of the lucky few that realized an area in the market not yet tended to and jumped to fill that gap in 2008.
As more changes continue to occur in the legalization landscape, legitimate business owners are cashing in on the opportunity to service customers in this ever-growing market.
Meet Justin Hartfield, the entrepreneur responsible for WeedMaps.com — a site which attracts nearly 50,000 unique visitors per day and generates roughly $1.5 million in clinic listing fees per month.
That’s an average of $50,000 a day in gross revenue, not counting other forms of revenue the company employs.
So what makes WeedMaps so special? When the site originally launched, dispensaries had no solid form of feedback in place for customers. They didn’t know what people wanted or how much to charge, and consumers, aside from physically visiting dispensaries, didn’t know what was in stock or how much they should be spending. Enter WeedMaps.com — a review style site, including listings for shops in states where medical marijuana is deemed legal.[GARD]
At the beginning, Hartfield let clinics post listings for free. He wanted to prove his service’s value before charging any type of listing fees, and he definitely did that. By the end of 2008, WeedMaps.com had roughly 1,500 people a day visiting the site.
As of early 2010, WeedMaps began charging for listing to its directory. Rates start at $295 per month and can be as much as $1000 or more, based on how much information the dispensary wants to include.
In 2010, the site was signing up 300 new users and receiving 250 clinic reviews on a daily basis.
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