LOS ANGELES -- Sept. 26 -- PRESS RELEASE -- High Times has announced the acquisition of DOPE Media, Inc., an integrated cannabis consumer lifestyle company. The latest in a year full of media acquisitions, the 45-year-old institution picked up the flagship magazine, multimedia website, events business and its staff to further expand its ownership of the cannabis media space. This acquisition comes ahead of High Times' public listing later this quarter, and amid it’s on-going Regulation A+ crowdfunding campaign.
Valued at $11.2 million, the deal was completed with a split of cash and stock in the growing High Times empire.
The latest in a series of cannabis media consolidation, DOPE joins CULTURE, Green Rush Daily, as well as the flagship High Times Magazine, among the High Times media network. “DOPE is a very strategic acquisition for our portfolio, offering key complementary assets to our existing platforms and opening the opportunity for economies of scale to improve performance of all our entire publication group,” said Adam Levin, CEO of High Times. DOPE Media offers a unique solution to state-licensed cannabis brands and retailers looking to target their campaigns within their licensed territories. Dope also holds their largest Dope Cup events in Seattle and Portland, adding to the existing Cannabis Cup portfolio for the High Times brand.
“We’re couldn’t be more excited to welcome George [Jage], Dave [Tran} and their entire team to the High Times family of brands,”Levin said. “What DOPE Media has built in such a short time is not only impressive, but needed considering the difficult landscape and legislation brands are faced with today. We look forward to not only combining our resources but expanding them.”
DOPE magazine will retain its staff, which brings notable additions to the High Times family like DOPE’s CEO, George Jage, and founders Dave Tran, James Zachondi and Evan Carter. Jage, formerly the President of Marijuana Business Daily and the driving force behind Marijuana Business Conference (MJBizCon), has received numerous distinctions for his work, including the Nevada Entrepreneur of the Year award from In Business Magazine, Jerry Valen Award of Distinction "Hospitality & Convention Executive of the Year" and most recently was on the cover of Trade Show Executive in May 2017 following receiving the award for the Fastest Growing Tradeshow in the U.S. for two consecutive years.
“This is the perfect marriage of two like-minded businesses. As the largest cannabis consumer media company, High Times offers immense visibility across the country, and globe, like no one else in the space,” said Jage. “Utilizing their expertise, we will be able to rapidly expand our footprint across the country and offer state-specific advertising solutions at a speed that wouldn’t have been possible before.”
Based in Seattle, DOPE Magazine currently publishes 8 localized editions across 6 states. The publication offers both national and regional coverage, issuing two versions in both California (North & South) and Washington (East & West), as well as in state-wide versions in Oregon, Nevada, Colorado and Arizona. The magazine ships over 1,000,000,000 copies a year, distributed through an extensive network of primarily cannabis retailers. It also provides an impressive social following of 481k followers, and over 575k monthly visitors to its website, dopemagazine.com, according to Similar Web.