Expecting to close the deal this week, High Times Holding Corp. has announced plans to acquire Seattle-based Dope magazine. The purchase is valued at $11.2 million.
Dope 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. Notable staff joining the High Times Holding Corp. include Dope CEO George Jage and founders Dave Tran, James Zochondi and Evan Carter.
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.”
Through Dope Media, state-licensed cannabis brands and retailers are able to better target their advertising campaigns within licensed territories. Additionally, Dope hosts Dope Cup events across Seattle and Portland, adding greater audience and leverage to High Times’ Cannabis Cup portfolio.
Jage, who was once president of Marijuana Business Daily and a leader behind the Marijuana Business Conference, is a notable figure within the entrepreneurial and hospitality fields. He received the Nevada Entrepreneur of the Year award from In Business magazine and the Jerry Valen Award of Distinction "Hospitality & Convention Executive of the Year.”
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.