82.4 F
Laguna Hills
Saturday, Aug 13, 2022
-Advertisement-

Weedmaps to Go Public

WM Holding Co., the parent of Weedmaps, an Irvine-based online provider of the locations of cannabis dispensaries, plans to go public through a reverse merger that may value the company around $1.5 billion.

Weedmaps will go public through Silver Spike Acquisition Corp, a special purpose acquisition company known as a SPAC. It’s become a popular method to avoid traditional initial public offerings that typically face more regulatory and investor scrutiny.

Weedmaps expects gross proceeds of up to $575 million from the deal, which includes $325 million in a private placement in public entity transaction, also known as PIPE.

The company is on track to generate $160 million in sales this year and has been profitable since its founding 12 years ago, WMH Chief Executive Chris Beals told Reuters today.

Previous articleCARTER EWING
Next articleMidday Stock Roundup
Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-