Based in Denver MJBiz, well known for its online B2B news and business content, has been acquired through Emerald X. Emerald is a subsidiary of Emerald Holding, a New York-based media and events company, and has acquired MJBiz for a total of $ 120 million.
The acquisition includes MJBizCon, MJBizDaily, Daily hemp industry, MJBiz Magazine as good as The Emerald Conference, Who MJBiz acquired in 2020. According to Hervé Sedky, President and CEO of Emerald, this acquisition will greatly benefit his company. “We have long admired MJBiz’s solid reputation as the most trusted producer of events and content serving companies in the cannabis and hemp industries and their respective participants. MJBiz’s premier portfolio of events and content, coupled with its 365-day engagement platform, which connects the entire cannabis supply chain, will diversify our collective product offerings, improve our growth profile and will allow us to deliver even more value to our customers over the long term. “
MJBiz CEO Chris Walsh also said the move represented the growth of the cannabis industry. “This really highlights the growing interest in cannabis from all corners of the business world, the vast market potential and the success of not only MJBiz but the industry as a whole,” said Walsh. . “We are seeing these types of cannabis deals as pioneering companies like ours evolve to more effectively harness and nurture the next wave of industry growth.”
MJBizCon’s most recent event was held October 19-22, 2021 and drew approximately 27,000 attendees and 1,200 exhibitors at the Las Vegas Convention Center in Nevada. The event prides itself on being one of the largest and longest lasting cannabis trade events, and will celebrate its 11th year of operation in 2022 with the expectation that attendance will reach up to 30,000. Tentatively , the date of the event is set for November 15-18, 2022. The Emerald Conference is expected to take place between February 27 and March 1, 2022.
Emeraude is working on more than 142 events and 16 media projects which cover a wide variety of markets including design, equipment, retail, safety and security, and technology. The Outdoor Retailer Snow Show, International Pizza Fair, Modern day navy, Retail Innovation Conference and Exhibition, Las Vegas Antique Watches & Jewelry Show, to name a few events, are all hosted by Emerald.
According to MJBizDaily, the current team of around 40 will continue to work under its new owner company, while Emerald employs more than 600 people. CEO Chris Walsh, Senior Vice President of Events and Sales Jess Tyler and Senior Vice President of Content and Audience Development Pam Moore have been confirmed to continue working as part of MJBiz’s day-to-day operations.
Co-founders Cassandra Farmington and Anne Holland will also continue to consult. MJBiz co-founder Cassandra Farmington is convinced that merging MJBiz into another will only strengthen both companies. “Our organization has grown massively since its inception, initially as a practical resource to help dispensary owners better run their businesses, to today become the premier business resource for the cannabis industry,” said Farmington. “Integration into a larger organization provides the additional resources and channels to unlock the next phase of growth for MJBiz and is the next step in our evolution as a business. We chose Emerald because they clearly value the unique aspects of our brand and are committed to serving the expansion of the industry.
Aside from the acquisition amount of $ 120 million, but MJBiz notes that the earn-out is based on future financial performance calculated as “an amount equal to MJBiz’s average EBITDA over the past two years less $ 13 million – multiplied by 9.3 “. Emerald’s chief financial officer predicts that this earn-out could rise to between $ 30 million and $ 50 million by early 2023.
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