Cannabis business media company, MJBiz, has a new owner.
The company was acquired by New-York-based media company Emerald X for US$120 million in cash plus potential earnouts. The transaction was announced on MJBiz Daily, the company’s B2B news publication.
According to the announcement, the purchase includes the acquisition of all related media and event brands, including the company’s headline industry conference, MJBizCon.
MJBizCon’s Las Vegas event is the largest cannabis business event in North America with more than 30,000 industry leaders attending. This year, the event will take place on Nov. 15-18, 2022.
Emerald X has also acquired MJBiz Daily, Hemp Industry Daily, MJBiz Magazine and The Emerald Conference.
“MJBiz’s leading event and content portfolio, coupled with their 365-day engagement platform – which connects the entire cannabis supply chain – will diversify our collective product offerings, enhance our growth profile and enable us to deliver even greater value to our customers over the long term,” Hervé Sedky, Emerald’s president and CEO, said to MJBiz Daily.