California-based cannabis culture publication High Times has acquired Dope Media, the Seattle-based publisher of Dope Magazine, for $11.2 million in cash and stock.
The deal adds to the High Times portfolio of cannabis publications, which includes the online news website Green Rush Daily and Culture Magazine.
The transaction also comes as High Times’ parent, High Times Holding, attempts to raise money from investors as it prepares go public.
- Dope’s multimedia website.
- The company’s Dope Cup events.
- Dope’s chief executive officer and three founders – Dave Tran, James Zachondi and Evan Carter – as well as other staffers. Dope CEO George Jage was previously president and publisher of Marijuana Business Daily.
According to a news release, Dope publishes eight localized editions across six states. It has 481,000 followers on its social media channels and 575,000 monthly visitors to its website.
High Times has been attempting to shore up its own finances. The company reported $14.5 million in sales in 2017, down slightly from $14.6 million in 2016. It also recorded $24.7 million in losses in 2017, widening significantly from $2.9 million in red ink in 2016.
Earlier this month, High Times Holding disclosed it has raised $5 million of the $17.2 million it needs to list on the Nasdaq.
The company also filed paperwork to extend its fundraising deadline. High Times Holding has said it would list on over-the-counter markets or on Canadian exchanges if it can’t shore up investments to list on the Nasdaq.