It’s time for your Daily Hit of cannabis financial news for December 10th, 2020.
On the Site
Weedmaps Given Billion Dollar Evaluation
WM Holding Company, LLC, better known as Weedmaps, and Silver Spike Acquisition Corp. (Nasdaq: SSPK), 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 that would remain on the NASDAQ marketplace. 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. and a fully-committed common stock PIPE of $325 million.
Cannabis for The Holiday Hangover
Dehydration, headache, nausea, vomiting, lethargy, and lack of concentration are all hallmarks of the garden variety hangover. According to a study published in the British Journal of Pharmacology, cannabis might be the ideal treatment for two of these ailments in particular. “Considerable evidence demonstrates that manipulation of the endocannabinoid system regulates nausea and vomiting in humans and other animals”. This manipulation, in the context of this study, refers to the consumption of cannabinoids in order to inhibit nausea and vomiting that occurs “in response to a toxic challenge.”
LeafLink Closes $40 Million Series C Round
Cannabis wholesale marketplace operator LeafLink has closed on a $40 million Series C investment round, led by Founders Fund. Additional participants include Thrive Capital, Nosara Capital, and Lerer Hippeau. This company said that this latest round of investment brings its venture funding to over $90 million and marks Founders Fund’s largest technology investment in the cannabis space.
In Other News
Planet 13 Wins 3 Awards at the Jack Herer Cup
Cannabis dispensary giant, Planet 13, took home three awards from the Jack Herer Cup in Las Vegas. The retail company won best sativa vape cartridge, best hybrid vape cartridge, and best sativa concentrate. “We are thrilled with the reception our inhouse brands have received from our customers who patronize dispensaries across the state and we are now equally delighted to have our dedication to producing high quality products be recognized by winning three awards at the prestigious Jack Herer Cup,” said Larry Scheffler Co-CEO of Planet 13.