Cannabis Advertising Platform Weedmaps Going Public With $1.5 Billion Valuation
Weedmaps CEO Chris Beals will remain at the helm of the California company
Weedmaps, the oft-controversial but ever-successful cannabis advertising giant, is going public through a deal that values the company produced through the transaction at a whopping $1.5 billion.
According to a news release, the website’s owners, WM Holding Co., will merge with blank-check acquisition firm Silver Spike Acquisition Corp. to land a listing on the Nasdaq.
The release noted the transaction will provide up to $575 million of gross proceeds, including $325 million through a fully committed common stock PIPE, or private investment in public equity transaction.
The deal comes amid a flurry of initial public offerings involving mainstream businesses such as food-delivery app DoorDash and home-sharing company Airbnb.
Weedmaps CEO Chris Beals will remain at the helm of the California company after the merger.
“With this merger, we will be able to continue scaling the Weedmaps marketplace in the U.S. and internationally in service of our users while expanding the functionality of our WM Business SaaS offerings in service of our clients,” Beals said in the release.
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