![]() ![]() “We are thrilled to partner with Silver Spike to transition WMH to our next phase of growth as a public company,” said Chris Beals, CEO of WMH. Silver Spike’s CEO and Chairman, Scott Gordon, will join the merged company’s Board of Directors upon completion of the transaction. Underlying this compliance functionality is a proprietary and sophisticated rules engine that is a core underpinning of the WM Business SaaS platform.Ĭhris Beals, WMH’s Chief Executive Officer, will continue to lead the Company along with the existing management team. WMH has been investing in and optimizing its WM Business software solution to also facilitate compliance for businesses amidst the complex, disparate and constantly evolving regulations governing the cannabis industry. This “business-in-a-box” functionality ranges from integrations supporting product menus that have online order-ahead, delivery order fulfillment software, data & analytics, a point-of-sale solution and a wholesale marketplace. The Company’s cloud-based WM Business SaaS subscription offering provides cannabis retailers with an end-to-end operating system to access valuable users, grow sales and scale their businesses at a compelling return-on-spend. ![]() ![]() Through the Weedmaps website and mobile apps, WMH provides consumers with information regarding cannabis retailers and brands, as well as the availability of cannabis products, facilitating product discovery and online order-ahead for pickup or delivery by participating retailers. 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. 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. ![]()
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