Spannabis will strengthen its global exhibition
Hightimes Holding Corp, the parent company of High Times magazine, has acquired Feria Del Cáñamo SL for 7 million US dollars. The transaction includes 3 $ million in cash and 4 $ million in common shares.
Hightimes also owns the Cannabis Cup and Reggae on the River, as well as the High Times Business Expo, which was held for the last time in 2017. The Cannabis Cup, which began in Amsterdam in 1988, is now present in more than a dozen cities in the United States, Europe, the Caribbean and Canada.
"Spannabis is one of the most beneficial events in the cannabis ecosystem and one of the EU's most well-known annual festivals," said Adam Levin, CEO of Hightimes.
"This acquisition will provide an additional international platform for our customers seeking additional international exposure opportunities. "We think High Times is the most recognizable cannabis brand in the world," he says.
"You can see our proudly displayed logo from New York to Singapore, and we look forward to creating more access and experiences for consumers, no matter where they live.
Considered "the biggest event of the European Union on cannabis", the Spannabis will return to Barcelona for its sixteenth annual celebration, from 15 to 17 March. This event, which includes an awards ceremony for regional products, attracts tens of thousands of international consumers and industry professionals each year.
"This deal changes the game for Spannabis," said CEO Carlos Palomino. "We've been idolizing the High Times for decades, so being adopted by this innovative team is simply amazing.
"We know that the future is bright for cannabis and for Hightimes, which has been leading this movement since many of us were wearing diapers," he added. "We look forward to continuing to advance this flourishing movement together."
The acquisition took place as part of the crowdfunding campaign Hightimes Regulation A +, which raised millions of dollars from more than 17 000 investors around the world, according to a company statement. Hightimes has commenced an initial public offering on the NASDAQ at the end of January 2018 at a price per share of 11 $, with the intention of raising 50 $ M. This effort is outstanding.
The completion of the Spannabis transaction is subject to customary conditions, but is expected to occur during the first quarter of 2019.
source : mgretailer