High Times acquires cannabis news site

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Hoping to expand its online presence, High Times magazine has acquired a 3-year-old marijuana news website.

The iconic cannabis culture magazine acquired Green Rush Daily, a website that receives more than 4 million unique monthly visitors, according to a news release. Terms of the acquisition were not released.

Green Rush Daily will continue to operate as an independent media company and will stay in New York, where it was founded in October 2015, according to the release.

High Times CEO Adam Levin said the acquisition “enhances” the magazine’s editorial coverage, online presence and the types of readers and advertisers it reaches.

The Green Rush acquisition is the latest move by a magazine that had built a well-known brand but that, like other print publications, had struggled financially.

High Times moved from New York to Los Angeles in 2017.

Later that year, investors paid $42 million for a controlling stake in the outlet and rebranded it as High Times Holding Co.

In January 2018, the media company applied for a Nasdaq listing with the aim of raising $50 million.

That process, according to the release, is expected to conclude in the second quarter of this year.