As marijuana companies continue to grow in the ever fertile market of legalized cannabis, Wall St. is looking greener than ever. Green as in cannabis, of course. Popular cannabis ordering and informational platform Weedmaps started trading on the Nasdaq on Wednesday (June 16). Weedmaps was able to reach this important milestone after its successful merger with Silver Spike Acquisition Corp. Cannabis consumers can purchase marijuana, smoke shop supplies, and more on Weedmaps via the thousands of companies listed on their platform.
WM Holding Company, LLC, which operates Weedmaps, went public with a $1.5 billion valuation. Weedmaps CEO Chris Beals stated that, “We are excited to complete this business combination, which will further advance our mission to power a transparent and inclusive global cannabis economy, further solidify our position as a leading technology platform to the cannabis industry, and accelerate our growth. We continue to benefit from strong, sustainable macro tailwinds as cannabis legalization advances throughout the U.S. and internationally. As a public company, we now have an even stronger platform to advocate for legalization, social equity and licensing in many jurisdictions, while providing cannabis businesses with the tools needed to succeed in a highly complex world of regulations. We are well-positioned to continue scaling the Weedmaps marketplace in service of our users, while expanding the functionality of our WM Business SaaS offerings in service of our clients.”
Weedmaps was founded in 2008 and has been profitable every year of its existence, said Beals. The company has over 18,000 cannabis business listings across the U.S. and Puerto Rico. There are an additional nine listings in other countries including Canada.
Silver Spike Acquisition Corp., which formerly traded as “SSPK”, has been taken over by Weedmaps and is now listed as “MAPS” for trading.