SSPK - Weedmaps comes public through SPAC CEO sees strong cannabis growth prospects

Cannabis tech company Weedmaps (MAPS) officially began trading Wednesday after closing a SPAC merger, and CEO Chris Beals said he saw strong growth signals for the industry, both from new states legalizing marijuana and from expansion in regions where the product is already allowed.Weedmaps completed a deal with SPAC Silver Spike Acquisition Corp. (SSPK) on Wednesday that brought the SAS software provider for the cannabis industry $579M in gross proceeds.These funds came largely from $254M of cash from SSPK’s former trust account and another $325M of cash from a private investment in public equity.Speaking to CNBC in the wake of the deal, Beals commented on the company's choice of a SPAC process for its IPO, saying it allowed the firm to "curate" its investors more.On his outlook for the industry, Beals predicted an accelerated wave of cannabis legalizations.While he wouldn't give an estimated timeline for potential federal legalization, Beals noted that more

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Weedmaps comes public through SPAC, CEO sees strong cannabis growth prospects