Today, Hightimes Holding Corp., the parent company of High Times, 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 annually from across the globe.
“Spannabis is one of the most prolific events in the cannabis ecosystem and one of the most well-known annual festivals within the EU,” says Adam Levin, High Times’ CEO. “This acquisition will provide an additional international platform for our customers looking for additional international exposure opportunities.”
The deal terms, which included $3 million cash due at closing, $4 million in Hightimes common stock, and two milestone payments for the show in 2020 and 2021.
The latest acquisition will expand on High Times’ impressive 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 US driven brand and is a sign of the markets eventual globalization.
“We believe that High Times is the most recognizable brand in Cannabis across the world,” Levin says. “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.”
“This deal is a game-changer for Spannabis,” says Carlos Palomino, the CEO of Spannabis. “We’ve idolized High Times for decades, so to be adopted by this groundbreaking team is nothing short of extraordinary! We know the future is bright for cannabis, and for 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 seventeen thousand investors across the globe.