Organisation acquires ‘Dope Magazine,’ enlarges cannabis reach
High Times Holding is acquiring Dope magazine in a $11.2 million deal, the company has said.
The Seattle-based Dope magazine publishes eight local editions across six states and ships more than 1 million copies a year through its network, which counts cannabis retailers among its majority.
High Times’ acquisition of Dope follows its previous acquisitions of Culture and Green Rush Daily, all of which joined the company’s flagship print and online magazine.
With it, Dope brings a magazine, multimedia website, events business and seasoned staff, which it will retain post-acquisition.
Adam Levin, CEO of High Times, stated: “What Dope Media has built in such a short time is not only impressive, but needed, considering the difficult landscape and legislation brands face with today.”
Under terms of the deal, High Times paid 909,129 shares of High Times Class A common stock, $1 million in cash and $200,000 payable on or about November 10, 2018. High Times is valued at $11 per share.
Media Reach