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Weedmaps appoints CMO amid spend increases (Score 49)

Sales lead: Start reaching out to the new CMO now to be top-of-mind. 

• Weedmaps hired Randa McMinn CMO, effective November 2022. 
• McMinn most recently served as CMO of Reali. 
• She now leads product & brand marketing, events, PR, corporate communications, and global partnerships. 

Weedmaps' target demographic: Cannabis companies & millennial consumers

The company will likely:

• Continue increasing ad spend
• Review the current agency roster/hire additional assistance
• Experiment with new ad channels 

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

• YTD spend: Weedmaps spent around $642.7k on digital display ads YTD, a 78% jump from $360.8k spent in this channel during the same time period of 2021. 
• YTD data: 169.1m impressions via desktop display (55%), mobile display (36%), desktop video (9%), and Instagram (1%). 
• Last year: Full-year spend fell by 47% from $903.9k in 2020 to $477.1k in 2021. 
• Ad location: It placed 55% of these ads through multiple indirect channels onto sites such as thechive.com, worldstarhiphop.com, theberry.com, rollingstone.com, and bgr.com. It placed 45% of these ads directly onto sites such as factinate.com, worldstarhiphop.com, arstechnica.com, vogue.com, and wired.com. 

Additional channel insights  

• Weedmaps also invests in OOH. 

Agency analysis:

• Opportunity: The number one sign of potential agency reviews is a CMO hire. 
• Current roster:
  • Wheelhouse Marketing & PR: PR AOR
  • Absolute Magnitude: media & digital

Insight Sources: Digital spend insights estimated by Kantar.