In a cash and stock deal, the parent company of High Times Magazine, High Times Holding, has agreed to acquire DOPE Media, a cannabis publication, for $11.2 million.
DOPE Media has a presence in eight regional markets and its consumers are those who legally consume marijuana for both medicinal and recreational purposes. Not too long ago High Times also acquired another publication called CULTURE.
“We are the 800-pound gorilla on a national level and now we have local,” High Times CEO Adam Levin told IPO Edge in an interview. “Localized media works. There’s no other way to reach that audience.”
“This is the perfect marriage of two like-minded businesses. As the largest cannabis consumer media company, High Times offers immense visibility across the country, and globe, like no one else in the space,” remarked George Jage, CEO of DOPE.
He added, “Utilizing their expertise we will be able to rapidly expand our footprint across the country and offer state-specific advertising solutions at a speed that wouldn’t have been possible before.”
High Times is preparing for its IPO.
