High Times Holding Corporation – the parent company of cannabis-focused magazine High Times – announced the acquisition of fast-growing online site Green Rush Daily.
What is Green Rush Daily?
Founded in October 2015 by Scott McGovern, Green Rush Daily is a cannabis-oriented publication covering up-to-date and breaking content on politics, news, business, technology, and culture. Headquartered in New York City, Green Rush receives more than 9.5 million page views each month, with more than 4 million unique users. The site also has more than 1 million followers on social media.
The Estimated Deal
High Times terms with Scott McGovern, Founder of Green Rush Daily are as follows: 577,651 Class A shares – worth $6.4 million at the $11 Reg A listing price – and $500,000 in cash. High Times will also bring on McGovern as an employee, paying him a $250,000 annual salary and allocating him 289,630 in Class B non-voting stock options at an $8.11 purchase price that vest over a three-year period.
To gain a bit more insight into this acquisition for High Times Holding Corporation I spoke with Adam Levin, CEO of High Times.
First off, congratulations on the acquisition, what does this acquisition look like for the founding team of Green Rush Daily?
Adam Levin: The entire Green Rush team is extremely excited about this acquisition, and to work alongside the title publication in our industry. The team grew up reading High Times, and they were a big inspiration for the initial launch of GRD, so joining the family is a dream come true.
After the acquisition, will Green Rush Daily continue to operate in New York City as Green Rush Daily?
Adam Levin: After the acquisition, Green Rush Daily will continue to operate as its own entity. Though we will be pooling some resources, GRD is not shutting down as a result of this acquisition – they will continue to provide the content it’s audience has come to know and love.
When looking at this acquisition what were vital factors for you and the founding team?
Adam Levin: It was essential to the founding team that GRD continued to operate in its own identity, and not just be absorbed into the larger magazine. Green Rush Daily will continue to provide the editorial content its audience has come to know and love.
Our more seasoned cannabis entrepreneurial audience is familiar with Green Rush Daily, however for our newer audience, can you please share more about your Green Rush Daily?
Adam Levin: Green Rush Daily is a cannabis-oriented publication offering up-to-date and breaking content on cannabis politics, news, business, technology, and culture. The primary mission is to provide the public with truthful information and education about cannabis.
Following the acquisition, what else does Green Rush Daily and High Times have in store for 2018?
Adam Levin: High Times has a ton of exciting events coming up throughout the year, and we’re very excited to be a part of them. Further, High Times will be going public this quarter, and both teams are incredibly excited to be a part of this historic move.
Thank you, Adam, for giving us a bit more insight into this acquisition with High Times and Green Rush Daily. Before I let you go and with a significant holiday coming up are there any big announcements the DCN community should be aware of?
Adam Levin: Come hang with us at the Cannabis Cup in SoCal from 4/20-4/22, and join the family yourself later this quarter when we’re live on the NASDAQ!
To stay updated on the latest tech, entrepreneurs and innovative companies in the cannabis industry, click here.