Benzinga | Aug 19, 2021 11:07AM EDT

Weedmaps Teams Up With Two-Time NBA Champ Kevin Durant & His Thirty Five Ventures Co., Inks Sponsorship Deal With Boardroom Media

Cannabis tech platform Weedmaps owned by WM Holding Company, LLC (NASDAQ:MAPS) confirmed Thursday that it had entered into a multi-year agreement with two-time NBA champion Kevin Durant and Thirty Five Ventures as well as a sponsorship deal with Boardroom. Durant is also president and co-founder of Thirty Five Ventures, a venture capital firm with the sports business media network Boardroom as well as an investment portfolio with more than 10 companies, including Dutchie.

As part of Weedmaps' mission to power a transparent and inclusive global cannabis economy, this strategic partnership aims to further deconstruct the negative stereotypes associated with cannabis while elevating the conversation around the plant's potential for athletes' wellness and recovery.

In addition to its sponsorship agreement, Boardroom will collaborate with Weedmaps to produce an original content series, which is tentatively slated for debut in 2022.

"Now more than ever, there is so much opportunity for growth in the cannabis industry as well as the removal of any remaining stigmas around its use," said Kevin Durant, two-time NBA champion and president of Thirty Five Ventures. "As the technology leader in the industry, Weedmaps has consistently been at the forefront of change over the last decade. In partnering with Boardroom and Thirty Five Ventures, they've shown an even bigger commitment to innovation."

Weedmaps will become an official sponsor of Thirty Five Ventures' sports business media network, Boardroom, as part of the agreement. Available today, the latest episode of Boardroom's Out of Office podcast brings together Rich Kleiman, Kevin Durant and Weedmaps CEO Chris Beals to discuss the potential for the strategic partnership's long-term impact across the industry, as well as the many challenges ahead that need to be addressed as the country moves closer toward legalization.

"As the largest technology provider in the sector, we are serious about our responsibility to lead the national discussion around cannabis and the need for cannabis regulations to be updated across the board," Beals said. "This partnership with Kevin Durant, Rich Kleiman, and the team at Thirty Five Ventures is a pivotal step forward in our ongoing efforts to break down stigmas surrounding cannabis, especially in the sports industry."

Price Action

WM Holding Company's shares were trading 1.62% lower at $13.37 per share at the time of writing Thursday mid-morning.

Photo: Courtesy of Jabari Jacobs