High Times Holding Corp. announced today in a press release that it was acquiring Seattle-based DOPE Magazine; it is the latest in a string of media acquisitions for the longtime cannabis lifestyle brand.
“DOPE is a very strategic acquisition for our portfolio offering key complementary assets to our existing platforms and opening the opportunity for economies of scale to improve performance of all our entire publication group. We couldn’t be more excited to welcome George Jage, Dave Tran and their entire team to the High Times family.” — Adam Levin, CEO of High Times, in the press release
The purchase price is estimated at $11.2 million — this includes 909,129 shares of High Times Class A common stock (valued at $11 per share), $1 million in cash, and an additional $200,000 payable on or about November 10, 2018.
“What DOPE Media has built in such a short time is not only impressive, but needed considering the difficult landscape and legislation brands are faced with today,” said High Times CEO Adam Levin. “We look forward to not only combining our resources but expanding them.”
In a statement published on their website, DOPE team members shared the news about their acquisition with their followers.
“It is with great excitement that we announce today that DOPE Magazine has become part of the High Times Holding Corp.’s family of businesses. … This convergence of forces will create tremendous opportunities for DOPE to reach millions through many new inventive and creative platforms. What won’t change is DOPE’s signature voice, core values, and commitment to normalizing cannabis in our society through exceptional content.”
Get daily cannabis business news updates. Subscribe
End