The media empire of cannabis’ title brand is welcoming a new member of the family. Today, High Times announced its acquisition of DOPE magazine, including its website, staff, events and formidable state-specific advertising solutions. This latest expansion of High Times’ portfolio comes on the heels of a series of other high-profile acquisitions, including CULTURE and GreenRushDaily, complementing the company’s existing platforms and opening opportunity for new growth and improved performance.
Inside High Times’ $11.2 Million Acquisition of DOPE Media
Today, High Times announced its acquisition of DOPE magazine in a $11.2 million dollar deal split across cash and stock in the company. The nearly 8-year-old DOPE magazine is joining forces with the 45-year-old cannabis institution, bringing its impressive publishing and media assets with it.
DOPE’s CEO George Jage has received many honors for his work in the industry, including the Nevada Entrepreneur of the Year award from In Business Magazine. The former President of Marijuana Business Daily and the creator of the Marijuana Business Conference, Jage has also received the award for the Fastest Growing Trade Show in the U.S. for two years in a row.
Based in Seattle, DOPE is also a publishing juggernaut. Currently, the company publishes eight local-specific editions of its magazine in six states. The magazine ships over 1 billion copies a year, primarily to medical dispensaries and retail shops. Its social network reach weighs in at over 480k followers and its website attracts 575k monthly visitors.
High Times, of course, needs no introduction. And CEO Adam Levin said he couldn’t be more excited to bring the DOPE team on board. “What DOPE Media has built in such a short time is not only impressive, but needed, considering the difficult landscape and legislation facing brands today.” The acquisition will allow High Times not only to combine its forces with DOPE, but to expand them.
High Times Acquires DOPE Ahead of Public Listing
In addition to expanding its magazine and media assets, High Times is also growing its presence in the national cannabis event space. High Times’ Cannabis Cups are signature events in the industry, and legalization is making them more popular than ever. With the acquisition of DOPE magazine, High Times adds two more flagship cannabis events to its line-up, the Dope Cups in Seattle and Portland.
Impressively, DOPE Media has ranked in the top 1000 of the Inc. 5000 list of Fastest Growing Private Companies for the past three years. Acquiring a leading company like DOPE is an excellent move by High Times ahead of its public listing later this quarter. High Times currently has an ongoing Regulation A+ crowdfunding campaign to raise funds for its plan to go public.