WM Holding Company, LLC, a Leading Technology Platform to the Cannabis Industry, Completes Business Combination With Silver Spike Acquisition Corp.

Public company to be named WM Technology, Inc. and common stock to begin trading on the Nasdaq under symbol “MAPS” on June 16, 2021

CALIFORNIA:  WM Holding Company, LLC, a leading technology and software infrastructure provider to the cannabis industry, announced today that it has completed its previously announced business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”).

The transaction was unanimously approved by SSPK’s Board of Directors and was approved at a special meeting of SSPK stockholders on June 10, 2021. In connection with the closing, SSPK changed its name to WM Technology, Inc. The ticker symbol for the common stock will change from “SSPK” to “MAPS” and will begin trading as such on the Nasdaq Stock Market on June 16, 2021.

Founded in 2008, WMH operates Weedmaps, a leading online listings marketplace for cannabis consumers and businesses, and WM Business, one of the most comprehensive SaaS subscription offerings sold to cannabis retailers and brands. The Company provides software and other technology solutions and is non-plant touching. WMH has a history of growth since its inception. From fiscal year 2014 through 2020, the Company grew revenue at a CAGR of 35% and expanded its gross margin rate from 92% to 95%. For the year ended December 31, 2020, WMH generated $162 million of revenue, net income of $39 million and Adjusted EBITDA of $43 million.

WMH’s senior management team will continue to lead the now combined company, including Chris Beals (Chief Executive Officer), Arden Lee (Chief Financial Officer), Juanjo Feijoo (Chief Operating Officer and Chief Marketing Officer), Justin Dean (Chief Technology Officer and Chief Information Officer), and Brian Camire (General Counsel).

“We are excited to complete this business combination, which will further advance our mission to power a transparent and inclusive global cannabis economy, further solidify our position as a leading technology platform to the cannabis industry, and accelerate our growth,” said Chris Beals, Chief Executive Officer of WMH. “We continue to benefit from strong, sustainable macro tailwinds as cannabis legalization advances throughout the U.S. and internationally. As a public company, we now have an even stronger platform to advocate for legalization, social equity and licensing in many jurisdictions, while providing cannabis businesses with the tools needed to succeed in a highly complex world of regulations. We are well positioned to continue scaling the Weedmaps marketplace in service of our users, while expanding the functionality of our WM Business SaaS offerings in service of our clients.”

Scott Gordon, CEO and Chairman of SSPK, commented, “We are proud to complete the combination of Silver Spike and WMH, further establishing Weedmaps as a leading online listings marketplace for cannabis consumers and businesses, and WM Business as the most comprehensive SaaS subscription offering sold to cannabis retailers and brands. We believe WMH is the most compelling investment opportunity in cannabis today and as a public company, WMH is uniquely positioned to deliver on its vision of helping licensed cannabis businesses thrive while driving growth and returns for shareholders.”

Transaction Overview

The transaction provides $579 million of gross proceeds primarily comprised of $254 million of cash from SSPK’s former trust account and $325 million of cash from a private investment in public equity (PIPE), not including transaction fees. The PIPE is anchored by investors including funds and accounts managed by AFV Partners, the Federated Hermes Kaufmann Funds and Senvest Management LLC along with a $35 million commitment from Silver Spike Capital. $125 million in proceeds will be delivered to the balance sheet of WMH as primary capital, including to pay transaction expenses and used to fund the company’s planned growth, including further scaling its cloud-based WM Business SaaS subscription offering, and growing its active user base and business listings in the U.S. and international markets. $455 million in proceeds will go to existing WMH equity holders. WMH’s executive officers have rolled 100% of their equity holdings as part of the transaction. A more detailed description of the transaction can be found in the definitive proxy statement filed by SSPK with the SEC on May 26, 2021.

Advisors

Rothschild & Co. served as exclusive financial and capital markets adviser and Cooley LLP and Dentons LLP served as legal advisors to WM Holding Company, LLC. Stifel, Nicolaus & Company, Incorporated and Piper Sandler & Co. served as joint placement agents and financial advisors. BTIG, LLC, Canaccord Genuity LLC, JMP Securities LLC, and Trust Securities, Inc. also served as capital markets advisors and Davis Polk & Wardwell LLP served as legal advisor to Silver Spike Acquisition Corp. Gibson, Dunn & Crutcher LLP and Jonathan Dennis served as legal advisors to the founders of WM Holding.

Weekend Unlimited Shares Begin Trading On The Canadian Securities Exchange

Trading Under the Symbol YOLO on the CSE on October 15, 2018

CANADA: Weekend Unlimited, a lifestyle cannabis company, announced that  its shares began trading Monday, October 15, 2018 on the Canadian Securities Exchange under the symbol YOLO.

The Company is the result of a two for one consolidation and the previously announced amalgamation of Open Source Health Inc. (formerly OHS) and Weekend Unlimited Inc., a private arms-length company which holds interests in various cannabis-related companies. The resulting company continues under the name Weekend Unlimited Inc. All of the assets previously held by Open Source in the online health space have been sold.

A detailed listing statement dated October 10, 2018 has been filed by the Company on www.sedar.com and on the CSE website.

Weekend Unlimited has built significant momentum in the lead up to going public, with an existing portfolio in Washington State, Orchard Heights Growers, British Columbia, Northern Lights Organics and internationally, Jerome Baker Designs, in the effort to build a strong, versatile foundation for substantial growth. Additional potential acquisitions have been identified and are subject to letters of intent in Jamaica (an existing cultivation and productions facility), California (a beverage company) and California (a multi-state THC and CBD infused candy company).

Weekend Unlimited’s Brand Acquisition Model

Weekend Unlimited aggregates and scales its small to medium brands, primarily in the categories of flower, extracts, and edibles. Weekend Unlimited brands have best of class operations, distribution, and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. With assets secured in British Columbia, Washington State and internationally through Jerome Baker Designs, Weekend Unlimited is establishing itself as an integrated cannabis company.

Current Brands Include:

Weekend Unlimited BrandsJEROME BAKER DESIGNS

  • Since 1991, Jerome Baker Designs has been at the forefront of design and creativity in the glass and canna industries.
  • This 3 X High Times Cannabis Cup winner, with offices in Las Vegas, New York and Maui, Jerome Baker Designs creates custom glass artwork that its clientele is proud to display in their homes and offices.
  • Pending launch of CBD line of products in fall of 2018
  • Pending launch of an infused water bottle in trademarked Jerome Baker bong design in fall of 2018

NORTHERN LIGHTS ORGANICS

  • With the agricultural rich land and certified organic farming expertise, Northern Lights will become Canada’s first high CBD focused hemp & cannabis farm, grown from certified organic soils with final products certified organic
  • 300-Acres will be dedicated to outdoor organic hemp for CBD extraction
  • Indoor cannabis cultivation will be housed in 68,000 sq. ft. of purpose-built grow rooms with rolling table automation
  • The Northern Lights Organics Campus will include veg, clone and genetics rooms and an extraction facility for CBD Hemp oils and concentrates.

ORCHARD HEIGHTS GROWERS

  • Orchard Heights Growers in Washington State are focused on premium quality indoor cultivation and processing.
  • The company provides a combination of mixed light greenhouses with a processing room for extraction.
  • Orchard Heights Growers phase one development includes a state of the art, optimized efficiency Cannabis greenhouse with full climate controls.

Capital Structure

After the private placement detailed below, the Company currently has 248,982,255 issued and outstanding shares, and 189,775,724 shares reserved for issuance upon the exercise of warrants and options. 142,222,711 shares are subject to a hold period until February 16, 2019, and an additional 21,172,500 shares are subject to a 3-year escrow.

Private Placement

The Company has closed non-brokered private placement of $5,409,154 by the issuance of 27,045,770 units at $0.20. Each unit consists of one common share and one warrant entitling the holder to subscribe for one additional share for $0.25 for a period of 2 years, subject to the Company’s right to accelerate the expiry date upon 30 days’ notice if its shares trade at $0.50 or more for a period of 10 days. Proceeds will be used for working capital and for further acquisitions.

Aurora Cannabis Announces Application To List On The NYSE

CANADA: Aurora Cannabis announced today that the Company has filed an application to list its common shares on the New York Stock Exchange.

Listing of the Company’s common shares on the NYSE remains subject to the approval of the NYSE and the satisfaction of all applicable listing and regulatory requirements. Aurora anticipates that, subject to receipt of all required approvals, trading in its common shares on the NYSE will commence before the end of October 2018. In advance of the intended listing, the Company has filed a Form 40-F Registration Statement with the United States Securities and Exchange Commission.

Aurora Cannabis is coming to the NYSE

Aurora Cannabis is coming to the NYSE

Aurora’s shares will trade on the NYSE under ticker symbol “ACB”, the same symbol the Company’s common shares currently, and will continue to, trade under on the Toronto Stock Exchange. Aurora will also continue to trade on the OTCQX under the ticker symbol “ACBFF” until completion of the NYSE listing. Upon receipt of all required approvals and completion of the formal listing process, the Company will publicly announce its first trading date on the NYSE. Aurora furthermore intends to voluntarily delist its shares from the OTCQX at such time.

“Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international institutional investor audience,” said Terry Booth, CEO of Aurora. “Aurora’s high-paced execution has made it one of the world’s leading cannabis companies. We have grown from being a licensed producer with a single facility, to a horizontality differentiated and vertically integrated global organization with a funded production capacity in excess of 500,000 kg a year, sales and operations on five continents, and a team of more than 1,500 employees.”

Mr. Booth added: “Our purpose-built, indoor grow facilities, designed to meet the stringent requirements for furnishing product to international markets, have made Aurora the largest supplier of medical cannabis in Europe. We are also well-prepared for the launch of the domestic adult consumer use market in Canada with a portfolio of strong consumer brands and coast-to-coast provincial supply arrangements covering 98% of the Canadian population. I am proud of our achievements to date, and look forward to updating the investor community as we continue to execute on our aggressive growth strategy.”