Big Money at Play in MMJ: WeedMaps Buys Marijuana.com for $4.20 Million
Earlier this week, a well-known MMJ company made a blockbuster acquisition, as least for the medical pot space.
WeedMaps Media – which operates a a popular site for dispensary listings and reviews – acquired Marijuana.com, giving it a premier domain name that is a powerhouse when it comes to search engine rankings.
Although terms of the deal were not disclosed, Jason Kincaid of TechCrunch reported that the price tag was (what else?) $4.20 million. In other industries, that’s just a drop in the bucket. But for the emerging medical pot sector, it’s a substantial sum for an acquisition, given that such deals are so rare at this point. The move signals that there is indeed big money involved in the industry, and experts say we’ll likely see more of these kinds of deals involving ancillary medical pot companies in the future.
WeedMaps – a unit of General Cannabis Inc., a publicly traded, marijuana-focused Internet marketing company – will officially take control of the domain name and other assets in early January. Marijuana.com currently focuses on providing news and information via bulletin boards, generating revenues through banner ads and sponsors. The 16-year-old site now boasts more than 3.5 million page views a month and has 300,000 registered users.
WeedMaps plans to overhaul the site, add new types of content such as reviews and videos, and synch Marijuana.com’s members with its own user base. The company said the move allows it to essentially double its membership numbers to more than half a million.
“By integrating Marijuana.com with WeedMaps.com, we can monetize both properties more efficiently by reaching a wider audience of industry constituents and increasing business to our clients through greater exposure,” Justin Hartfield, chief web officer of WeedMaps, said in a press release. “In doing so, WeedMaps seeks to become the first medical cannabis user-niche advertising network in the world.”
Some California officials are trying to ensure would-be recreational marijuana businesses don’t run into the [click to continue...]
The Denver Metro Chamber of Commerce has filed suit over what it claims is trademark [click to continue...]
Ready, set, go! Entrepreneurs can now apply for medical cannabis business licenses in New York, [click to continue...]
In an unusual legal settlement, a Colorado company has issued a video statement about its [click to continue...]
Washington State’s MMJ program will officially be rolled into its recreational market after Gov. Jay [click to continue...]
The two companies selected to grow and dispense medical cannabis in Minnesota have raised a [click to continue...]
Medical marijuana businesses in Vancouver, British Columbia, may soon be in the city’s crosshairs. The [click to continue...]
An increasing number of states are requiring cannabis companies to track every plant from seed [click to continue...]
The agency in charge of overseeing Oregon’s recreational marijuana industry is planning to add a [click to continue...]
Cannabis business owners harassed by federal prosecutors despite operating legally in their respective states would [click to continue...]
An attempt to legalize medical marijuana in Florida this year via the state Legislature is [click to continue...]
An Ohio organization pushing for medical marijuana legalization in the state says a stronger, more [click to continue...]
A dispensary run by the president of the California Cannabis Industry Association has come under [click to continue...]
Oregon officials in charge of regulating the state’s up-and-coming recreational marijuana industry expect roughly 2,000 [click to continue...]