Clients of the Company maintain listings in 9 international countries outside of the U.S. state, the District of Columbia and Puerto Rico with a legal cannabis market. Over the past 12 years, Weedmaps has grown to become the premier destination for cannabis consumers, with over 10 million monthly active users and over 18,000 business listings across every U.S. WMH addresses these challenges with its Weedmaps marketplace and WM Business SaaS subscription offering. These dynamics present a challenging and sometimes uncertain environment for consumers seeking legal cannabis products and for businesses selling to cannabis users while operating in a compliant fashion. Cannabis itself is a highly complex and non-shelf stable consumer product. The regulations related to these markets are often complex and disparate across states as well as cities and counties within regulated states. are still a small sub-segment of the population today, and retail density is still low across the majority of states with regulated legal cannabis markets. Despite these expectations of growth, cannabis users in the U.S. adults support having legal access to cannabis. is expected to double over the next five years as the majority of U.S. WMH has grown revenue at a CAGR of 40% over the last five years and is on track to deliver $160 million in revenue and $35 million in EBITDA for 2020.
SILVER SPIKE ACQUISITION CORP GOOD INVESTMENT SOFTWARE
The Company solely provides software and other technology solutions and is non-plant touching. The combined company will be led by Chris Beals, Chief Executive Officer of WMH, and is expected to remain listed on the Nasdaq Stock Market.įounded in 2008, WMH operates Weedmaps, the leading online listings marketplace for cannabis consumers and businesses, and WM Business, the most comprehensive SaaS subscription offering sold to cannabis retailers and brands. (Nasdaq: SSPK) (“Silver Spike”), a publicly-traded special purpose acquisition company, announced today a definitive agreement for a business combination that would result in WMH becoming a public company. WM Holding Company, LLC (“WMH” or the “Company”) and Silver Spike Acquisition Corp. WM Holding’s executive officers will retain 100% of their equity in the combined company, which will have approximately $100 million of cash on hand after closing and a fully-committed common stock PIPE of $325 millionĪs a result of outsized demand, the PIPE offering was significantly oversubscribed and upsized, including investment from funds managed by AFV Partners, the Federated Hermes Kaufmann Funds and Senvest Management LLC along with a $35 million commitment from Silver Spike Capital The estimated post transaction equity value of the combined Company is approximately $1.5 billion and provides up to $575 million of gross proceeds through the approximately $250 million of cash held-in-trust by Silver Spike Acquisition Corp. The merger advances WM Holding’s mission to power a transparent and inclusive global cannabis economy and capitalize on its position as the largest technology provider in the sector WM Holding Company, LLC (“WMH” or “WM Holding”) operates Weedmaps, the leading online listings marketplace for cannabis consumers, and WM Business, a comprehensive software-as-a-service (“SaaS”) subscription offering for cannabis retailers and brands
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