LOS ANGELES, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Hightimes Holding Corp., the parent company of High Times, today announced its plan to acquire the assets and business of Feria Del Canamo, S.L., doing business as Spannabis, the European Union’s largest cannabis industry event. Billed as part trade show and part research conference, Spannabis has plans to return to Barcelona for its 16th edition of the celebration this March. The festival, which also includes its own award ceremony crowning the best cannabis and cannabis-related products in the region, attracts tens of thousands of consumers from across the globe annually.
The deal terms included $3 million cash due at closing, $4 million in Hightimes common stock and two milestone payments for the show in 2020 and 2021.
“Spannabis is one of the most prolific events in the cannabis ecosystem, and one of the most well-known annual festivals within the EU,” said High Times CEO Adam Levin. “This acquisition will provide an additional international platform for our customers looking for additional international exposure opportunities.”
The latest acquisition will expand on High Times’ event production business, which includes entertainment festivals such as the Cannabis Cup, Reggae On The River and industry events like the High Times Business Expo, along with the recent proposed addition of the bi-annual BIG Show. This marks the second foray into Europe for the predominantly U.S.-driven brand, and is a sign of the market's coming globalization.
“This deal is a game-changer for Spannabis. We’ve idolized High Times for decades, so to be adopted by this groundbreaking team is nothing short of extraordinary!" said Spannabis CEO Carlos Palomino. “We know the future is bright for Cannabis, and for the High Times who has been leading this movement since many of us were in diapers. We look forward to continuing to push this thriving movement forward, together.”
The closing of the acquisition is subject to certain customary closing conditions. Accordingly, there is no assurance that the Spannabis transaction will be consummated. The transaction is expected to close during Q1 of 2019.
The announcement comes amidst the Hightimes Regulation A+ crowdfunding campaign, which has already raised millions of dollars from more than 17,000 investors across the globe.
