High Times Acquires Spannabis For More Than 7 Million Dollars
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 trade event, which was last held in 2017. The Cannabis Cup, which started 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 best-known annual festivals in the EU,” said Adam Levin, Managing Director of Hightimes.
“This acquisition will provide an additional international platform for our clients looking for additional international exposure opportunities. “We believe High Times is the most recognizable cannabis brand in the world,” he adds.
“You can see our logo proudly displayed from New York to Singapore, and we look forward to creating more access and experiences for consumers no matter where they live.
Deemed to be “the European Union's biggest cannabis event”, Spannabis will return to Barcelona for its sixteenth annual celebration, March 15-17. This event, which includes an award ceremony for regional products, attracts tens of thousands of international consumers and industry professionals every year.
“This deal is a game-changer for Spannabis,” said CEO Carlos Palomino. “We have idolized High Times for decades, which is why being embraced by this innovative team is nothing short of extraordinary.
“We know the future is bright for cannabis and for Hightimes, who have been leading this movement since many of us wore diapers,” he added. “We look forward to continuing to advance this flourishing movement together. "
The acquisition took place as part of the crowdfunding campaign Regulation A + from Hightimes, which has raised millions of dollars from more than 17 investors around the world, according to a company statement. Hightimes filed an initial public offering on NASDAQ in late January 000 at a price per share of $ 2018, with the intention of raising $ 11 million. This effort is on hold.
The completion of the Spannabis transaction is subject to customary conditions, but is expected to occur during the first quarter of 2019.
Source : mgretailer
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