U.S based cannabis review website Weedmaps is on the verge of inking a $1.5 billion deal to go public through a merger with a blank-check acquisition company with Silver Spike Acquisition Corp. (SSPK).
Weedmaps is owned by WM Holding Co and the site gives a platform for consumers to rate cannabis sellers. The company was established in 2008 by Doug Francis and Justin Hartfield.
Weedmaps offers a cloud based operating system for cannabis retailers, in addition it hosts a review and rating platform for its customers.
This development was revealed by involved sources who sought anonymity since the matter is yet to be revealed to the public. However, the sources said the deal could be announced before the week is over.
This deal is coming just days after U.S. House of Representatives voted to decriminalize marijuana. This was the first time chamber of commerce voted to lift the federal ban on marijuana since 1970 when the drug was listed as a controlled substance.