After purchasing three media companies this year, the parent of High Times plans to acquire another publication and events business: the Buyer's Industry Guide.
High Times, a cannabis-focused publisher, announced today it has entered into an agreement to acquire the brand, as well as its flagship event, "The BIG Show."
The transaction is expected to close during first-quarter 2019.
The B2B trade show targets those in the cannabis community and occurs twice a year in Miami and Los Angeles. The event attracts more than 10,000 industry guests annually.
The acquisition will expand High Times’ event production business, which includes festivals like the Cannabis Cup, Reggae On The River and industry events, such as the High Times Business Expo.
Buyers Industry Guide and "The BIG Show" have previously partnered with High Times for support in programming its event schedule and used High Times' sales infrastructure.
High Times “hope to capitalize” on the growing legalization of marijuana in the U.S. and “the need for professional networking and informational events” as the industry matures, according to a statement.
The transaction is expected to close in the first quarter of 2019.
In September, High Times acquired Seattle-based Dope magazine, which publishes eight local editions across six states and ships more than 1 million copies a year through its network of primarily cannabis retailers.
In July, High Times bought Culture magazine from Southland Publishing, Inc. The publication features cannabis-related celebrities, advocates, entrepreneurs and product reviews.And in April,High Times purchased Green Rush Daily, which had 4 million monthly uniques at the time. The site covers cannabis-related news, culture, science, politics, business, technology, entertainment and lifestyle.
High Times is currently in the midst of a Regulation A+ crowdfunding campaign, which has already raised millions of dollars from over 15,000 investors around the world, per the company.
As legalization offers growth opportunities, the cannabis industry has attracted blue-chip companies. Altria recently announced a $1.8 billion investment in Cronos Group.