By Debra Borchardt
Hightimes Holding Corp., the parent company of High Times Magazine, is acquiring Spannabis, the European Union’s largest Cannabis industry event in a deal valued at $7 million. The terms include $3 million in cash and $4 million of Hightimes stock, plus two milestone payments for the show in 2020 and 2021. The deal is expected to close in the first quarter.
“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.”
Spannabis is considered to be part trade show and part research conference and is set to celebrate its 16th event this March 15-17 in Barcelona, Spain. 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.
“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.”
This is just the latest acquisition for the long-time cannabis publication as the company is focusing its efforts on more events. High Times recently announced its acquisition of the accessory cannabis conference called the BIG Show. It’s own Cannabis Cup frequently contributed approximately 75% of the company’s revenue. The statement noted that this marks its second foray into Europe for the predominantly US driven brand, and is a sign of the markets coming globalization.
The company has been able to go on this past year’s spending spree as it has embarked on a Regulation A+ crowdfunding campaign, which has raised millions of dollars from more than seventeen thousand investors across the globe.
“We believe that High Times is the most recognizable brand in Cannabis across the world. 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,” Levin added.