SSPK - The Daily Hit: December 10 2020
It’s time for your daily hit of cannabis financial news for December 10, 2020.
On The Site
Weedmaps
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.
LeafLink
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. The proceeds will be used to expand in current markets by bringing on new brands and retailers, as well as capitalizing on new markets that legalized cannabis following the 2020 election. LeafLink said it will also continue to expand its offerings around payments, delivery, and data & analytics.
Hangover Cures
The holiday season is famous for Yuletide cheer, peppermint lattes, heated family discussions around a high-calorie spread, and trolling slushy streets and the internet for the gift that says “I see you and I care” more loudly than “This was on clearance.” But let’s face it, the holidays are also famous for the booze: huge vats of foamy eggnog potent enough to pin your Aunt Nancy to the couch, spiked hot chocolate to ward off the winter chill, and round after round of craft cocktail creations to keep all of those Zoom parties merry and bright when the video keeps freezing and half of the crew can’t figure out how to unmute. For those who imbibe, holiday drinking can take a toll and when that holiday hangover comes calling, more than a few revelers will be reaching for a cannabis cure.
In Other News
Field Trip
Field Trip Health Ltd. (CSE: FTRP) (OTCBB: FTRPF) has entered into an agreement with Stifel Nicolaus Canada Inc. on behalf of a syndicate of underwriters led by Stifel GMP to which the Underwriters have agreed to purchase, on a “bought deal” basis 3,333,333 units of the company at a price of $4.50 per Unit for aggregate gross proceeds of $14,999,998.50. The company plans to use the net proceeds from the offering for working capital and general corporate requirements.
Monogram
Shawn ‘JAY-Z’ Carter officially dropped the first products from his cannabis line, MONOGRAM. As announced in October 2020, the brand marks a new chapter within the cannabis space predicated on dignity, care and consistency. After honoring those three tenets with 18 months of careful strain selection and meticulous cultivation practices, MONOGRAM is finally ready to introduce its core collection of products to the world.
“Cannabis has been around for thousands of years, yet it is still an industry whose legacy of skilled craftmanship is often overlooked,” shared Mr. Carter. “I created MONOGRAM to give cannabis the respect it deserves by showcasing the tremendous hard work, time and care that go into crafting a superior smoke. MONOGRAM products are next level when it comes to quality and consistency and we’re just getting started.”