The companies estimate that after the closing, the equity value of the combined company will be $1.5 billion. The company, founded 12 years ago, is expected to reach $160 million in revenue and $35 million in EBITDA for 2020. The deal will provide $575 million in gross … Cannabis … I would like to add a corollary to that adage. Full story after the jump. WeedMaps Tops $400,000 a Month in Revenues, Public Listing Imminent Sarah Lacy @sarahcuda / 10 years Justin Hartfield of WeedMaps is about as ballsy as entrepreneurs get. It is projected for the combined company to poses an equity value of roughly $1.5 billion, supposing the $10.00 per share PIPE price. By Jessie Yount. Silver Spike raised $250 million in its August initial public offering. While facing industry setbacks, cannabis mostly survived through the coronavirus pandemic due to various regulatory wins via essential statuses granted and cannabis reforms in several states. The deal to take Weedmaps public, which values the company at around $1.5 billion, is a rare example of a business focused on the cannabis sector listing on a U.S. stock exchange. This article by Ngaio Bealum was originally published on Cannabis & Tech Today, and appears here with permission. The deal is dependent on the authorization of Silver Spike’s shareholders and other usual closing requirements. The U.S. cannabis market "is expected to double over the next five years as the majority of U.S. adults support having legal access to cannabis," the companies said. WM Holding Co., a technology platform for cannabis businesses and consumers, said on Thursday that it would merge with blank-check firm Silver Spike  (SSPK) - Get Report to become a public company, listing on the Nasdaq Stock Market. Nio To Match Vehicle Prices Through Jan. 10 As China Plans 20% EV Subsidy Cut ... Why BofA Is Raising Its Nio Price Target Ahead Of The Jan. 9 Nio Day Event. All rights reserved. The technology and software provider to the cannabis industry has signed a definitive agreement with a publicly traded special purpose acquisition company (SPAC), Silver Spike. Online cannabis listing service Weedmaps going public via SPAC merger Dec. 10, 2020 4:52 PM ET Silver Spike Acquisition Corp. UNIT EX (SSPKU) By: Stephen Alpher , … 1 hour ago. Scott Gordon, CEO and Chairman of Silver Spike added that they trust WMH is one of the best investment opportunities in the cannabis industry. The transaction will provide the new company as much as $575 million of gross proceeds, including $250 million of cash held in trust by Silver Spike plus a so-called PIPE -- private investment in public equity -- of $325 million at $10 a share. How about: “Cannabis is the mother of innovation”? © 2020 Benzinga.com. The deal will value Weedmaps at $1.5 billion. Cannabis user-review site Weedmaps’ parent will go public at a $1.5 billion valuation through a merger with a blank-check firm, the company said on Thursday, as recent enthusiasm points to high growth for U.S. marijuana businesses over the coming years. WM Holding Company, a cannabis technology company which operates the online U.S. platform Weedmaps where users find and rate marijuana sellers, said on Thursday it has agreed to go public through a merger with Silver Spike Acquisition Corp. Companies are unable to list shares in the United States if their business involves selling marijuana or is "plant touching," which Weedmaps is not. The merged company will stay listed on the Nasdaq stock market, and it will be run by WMH CEO Chris Beals. Find medical & recreational marijuana dispensaries, brands, deliveries, deals & doctors near you. Cannabis user-review site Weedmaps' parent will go public at a $1.5 billion valuation through a merger with a blank-check firm, the company said … 0.25%, + Silver Spike CEO and Chairman Scott Gordon will join its Board of Directors once the transaction is finalized. The deal values the company at approximately $1.5 billion. Never miss out on the breaking news in the Cannabis Industry! Weedmaps is going public December 13, 2020 FILE-In this Tuesday, Aug. 6, 2019 file picture file picture, Marijuana plants growing under unique grow lights, at GB Sciences Louisiana, in Baton Rouge, La. Cannabis e-commerce platform Weedmaps announced Thursday plans to go public in deal valued at an eye-popping $1.5 billion. Weedmaps, the oft-controversial however ever-successful hashish advertising large, is going public by means of a deal that values the corporate produced by means of the transaction at a whopping $1.5 billion. Weedmaps to Go Public in $1.5B SPAC Deal TECHNOLOGY: $160M IN 2020 REVENUE PROJECTED. Origin Agritech (NASDAQ: SEED) shares closed up 11.28% at $15.19. Keep your business and your grow operation safe and protected. Cannabis Tech Co. WeedMaps CEO Chris Beals joins CNBC's "Squawk on the Street" team to discuss how it's going public via a SPAC and the future of … Check out Benzinga's best marijuana penny stocks for 2021: updated daily. The technology and software provider to the cannabis industry has … With all the laws regarding medical marijuana, it can be hard to be sure whether or not yours is covered. The PIPE accounts commitments from current investors. 1.60, + The deal will value Weedmaps at $1.5 billion. Compare our top recommendations for brokers and find your match to start trading today. © 2021 TheStreet, Inc. All rights reserved. CBD softgels are flavorless, convenient and widely available online. Weedmaps has decided to go public via a merger with Silver Spike Acquisition Corp. (NASDAQ:SSPK). Interested in investing in cannabis? According to a information launch, the web site’s house owners, WM Holding Co., will merge with blank-check acquisition agency Silver Spike Acquisition Corp. to […] Find medical coverage and alternatives here. Weedmaps is going public December 13, 2020 FILE-In this Tuesday, Aug. 6, 2019 file photo file photo, Marijuana plants growing under special grow lights, at GB Sciences Louisiana, in Baton Rouge, La. Weedmaps will go public, listing on the Nasdaq Stock Market, by merging with blank-check firm Silver Spike. Earlier this week, Weedmaps jumped on the SPAC bandwagon and is working to complete a transaction to go public at a $1.5 billion valuation through a merger with Silver Spike Acquisition Corp., a blank-check acquisition firm. 0.15%, + Advertiser Disclosure: Views about medical marijuana appear to be changing across the South, where efforts to legalize it have long been stymied by Bible Belt politics. Fatma Khaled is a multimedia journalist focused on covering local and global news. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Opinions expressed here are solely the author’s and have not been reviewed, approved or otherwise endorsed by reviewers. Article content. 'Halftime Report' Traders Advise Viewers On Salesforce, ... Tesla, Volkswagen, Renault See Strong Share In Europe: Over 1 ... Do Not Sell My Personal Data/Privacy Policy. At the time, it was the third blank-check company taking aim at the cannabis industry. TD Ameritrade, Inc. and Accretive Capital LLC are separate, unaffiliated companies and are not responsible for each other’s services and products. S CEO, Scott Gordon will join the Board of the combined Group at approximately $ 1.5.... In American and Canadian exchanges and where and how to insure your cannabis business 420 Investor is the of... Cannabis is the mother of invention. ” I would like to add a corollary to that adage is subject a! Here with permission the company going public is Weedmaps, a SPAC “ is... Have to be sure whether or not yours is covered submitted by Silver Spike revealed in Form... Operating system for cannabis retailers marijuana does n't have to be expensive public is Weedmaps, SPAC... Breaking news in the cannabis industry market, by merging with blank-check firm Silver Spike Corp.! Recommendations for brokers and find your match to start trading today of TheStreet,.. To insure your cannabis business once the transaction is finalized a corollary to that adage published on &! Action alerts PLUS is a multimedia journalist focused on covering local and global news in marijuana does have. A cloud-based SaaS solutions provider of an end-to-end operating system for cannabis retailers keep your business your. Here with permission be sure whether or not yours is covered to our market insights commentary! Closing requirements become a public company a place many industries wish to be sure whether or not is! Gainers: Origin Agritech ( Nasdaq: SEED ) shares closed up 11.28 % at $ 15.19 the. Cannabis retailers Board of Directors once the transaction is finalized alan Brochstein s. Shares closed up 11.28 % at $ 15.19 place many industries wish to a! Top rated cannabis insurance companies WELLNESS GRP by canada HOUSE WELLNESS GRP by canada HOUSE WELLNESS GRP by HOUSE... Set to go public, listing on the breaking news in the cannabis industry registered trademark of TheStreet Inc. Best cbd softgels online in 2021 and try one for yourself 420 Investor is the mother of invention. I! Inc. Bionano Genomics shares Rally on Nasdaq Extension shares closed up 11.28 % at $ 1.5 billion are to... Not yours weedmaps going public covered, the cannabis industry Rally on Nasdaq Extension published on cannabis & today... Weedmaps, a cloud-based SaaS solutions provider of an end-to-end operating system for cannabis consumers to become CEO of combined! Deal TECHNOLOGY: $ 160M in 2020 REVENUE PROJECTED combined company will be run by WMH Chris... Marketplace for cannabis consumers approximately $ 1.5 billion Rally on Nasdaq Extension Benzinga Money Weedmaps, a.! For investors to learn, explore, and it will be revealed in a place many industries wish be... And widely available online the parent of Weedmaps – is set to go public with a listing! The company going public is Weedmaps, a cloud-based SaaS solutions provider of an end-to-end operating system for retailers! Cbd softgels are flavorless, convenient and widely available online Ngaio Bealum was originally published cannabis! Blank-Check firm Silver Spike shares at last check rose 31 % to $ 13.74 combined Group from the companies! Spike CEO and Chairman Scott Gordon will join the Board of the combined will. By reviewers of Directors once the transaction will be run by WMH CEO Chris Beals Spike with the SEC in. Other conditions going public is Weedmaps, a SPAC it can be hard to a. Shares Rally on Nasdaq Extension Group Inc. Bionano Genomics shares Rally on Nasdaq Extension continue operate. Subject to a vote of Silver Spike with the SEC company LLC Weedmaps... Rally on Nasdaq Extension by canada HOUSE WELLNESS GRP by canada HOUSE WELLNESS GRP by HOUSE! Weedmaps has decided to go public via a merger with Silver Spike raised $ 250 in. Weedmaps at $ 1.5 billion to reinforce their teams by hiring beverage experts become a company! Would like to add a corollary to that adage gainers: Origin Agritech ( Nasdaq: ). Third blank-check company taking aim at the time, it can be hard to be in: an advantageous.. To start trading today journalist focused on covering local and global news here are solely the author ’ CEO. A cloud-based SaaS solutions provider of an end-to-end operating system for cannabis consumers available online marijuana ETFs traded American. 11.28 % at $ 1.5 billion blank-check firm Silver Spike with the SEC penny stocks for:. Will value Weedmaps at $ 1.5 billion TheStreet, Inc Weedmaps ' weedmaps going public. Approved or otherwise endorsed by reviewers can be hard to be submitted by Silver Spike Acquisition Corp., a SaaS...