Seattle-based Dope Magazine sold for $11M to High Times
Dope, a Seattle-based magazine that has become the face of a newer, more polished — and legal — cannabis industry, has been purchased by High Times, a venerable outlet long associated with the industry’s early, illicit years.
The cash and stock deal, valued at $11.2 million dollars, is slated to close Wednesday. It’s the latest in a recent series of acquisitions by High Times, a 44-year-old monthly magazine originally published in New York City that has chronicled the rise of cannabis culture in the United States and internationally.
“I always looked up to [High Times], when we first started Dope Magazine, as a leader and as someone who really pioneered in this industry,” said David Tran, Dope Magazine’s co-founder and chief brand officer, who will continue in his role in the new organization.
Wednesday’s deal reflects the larger trend toward consolidation in the legal cannabis industry as producers, processors, retailers and other players grapple with a rapidly expanding marketplace that increasingly favors large-scale operations with low cost structures and mass customer bases.
Read more: https://www.seattletimes.com/business/seattle-based-dope-magazine-sold-for-11m-to-high-times/
= new reply since forum marked as read
