Weedmaps Plans to go Public Following a $1.5 Billion Merger | TRICHOMES Morning Buzz
Cannabis News Update December 15, 2020
Today in the world of cannabis: Kannaway launches a CBG oil product line in Europe, Equilibrium Bio begins selling its CBD-infused electrolyte sports beverages, and Weedmaps plans to go public following a $1.5 billion merger.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
Check in with the cannabis community at TRICHOMES.com
** First up: In a report by Globe Newswire, Medical Marijuana, Inc., the U.S.’s first publicly traded cannabis company, has announced its subsidiary Kannaway has entered the CBG market in Europe with its organic hemp seed premium CBG oil product line.
“Since launching in Europe in 2018, Europe has become one of our best revenue-generating markets as consumers have responded very positively to Kannaway’s wide range of cannabidiol (CBD) products,” said Medical Marijuana, Inc.’s CEO Dr. Stuart Titus.
“As CBD continues to grow in acceptance around the world, the market for cannabinoids like CBG also expands,” said Kannaway CEO Blake Schroeder. “Our company intends to continue to be at the forefront of expanding access to cannabinoids just as we have been with CBD.”
** And next: Globe Newswire reports that the medical cannabis company Allied Corp. has begun sales of its CBD electrolyte replacement rehydration beverages, under Allied’s brand Equilibrium Bio.
The beverage line, called Hydro Sport, comes in lemon lime, berry fresh and orange burst flavors and contains 20mg of CBD.
“There is an increasing demand for CBD-infused beverages specifically for athletic recovery. Allied will be implementing a multi-pronged marketing campaign by strategically partnering with professional athletes and media influencers to help scale the sales and bring measurable awareness to the Equilibrium Bio Brand,” said Calum Hughes, CEO and Founder of Allied Corp.
** Last up: In a report by PYMNTS [payments], WM Holding Company (WMH), the parent company of the cannabis review and information site Weedmaps has announced a plan to go public with an IPO following a $1.5 billion merger with Silver Spike Acquisition Corp.
“We passionately believe in the power of cannabis and the importance of enabling safe, legal access to cannabis for consumers worldwide. With this merger, we will be able to continue scaling the Weedmaps marketplace in the U.S. and internationally in service of our users…,” said Chris Beals, CEO of WMH, in a press release.
Beals added that with merger, Weedmaps will focus on cannabis advocacy, legalization and “social equity and licensing in many jurisdictions.”
https://www.pymnts.com/news/ipo/2020/cannabis-review-site-weedmaps-plans-ipo-after-closing-1-5-billion-spac-merger/
source