MJBiz sells Emerald X for $ 120 million

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MJBiz has just been sold to Emerald X, a wholly owned subsidiary of Emerald Holding. The deal includes MJBizCon, as well as related media and event brands such as MJBizDaily, Hemp Industry Daily, MJBizMagazine, and The Emerald Conference.

The $ 120 million cash deal includes possible revenue based on financial performance. This was stated by David Doft, Chief Financial Officer of Emerald Bloomberg the profit could pay an additional $ 30 million to MJBiz in $ 2023 in 2023. MJBizDaily reported the gain “will be an amount equal to MJBiz’s EBITDA growth, calculated as an amount equal to MJBiz’s average EBITDA over the past two years minus $ 13 million, multiplied by 9.3.”

The acquisition indicates Emerald’s expansion into one of the fastest-growing business sectors in North America. Emerald credits MJBiz’s 38% compounded annual revenue growth purchase in the three years before the pandemic.

MJBizCon is the industry’s oldest business-to-business trade show, attracting tens of thousands of attendees each year. He Show 2021 approaching pre-pandemic assistance levels. Emerald organizes more than 150 events a year in many industries. This is the company’s first foray into the cannabis space.

Emerald President and CEO Hervé Sedky said: “This is a transformative acquisition for Emerald, as it represents an important step in the implementation of our strategic initiatives and underscores our commitment to evolving and growing. our customers’ business 365 days a year “.

The new ownership will not alter MJBiz’s management team, including CEO Chris Walsh, senior vice president of events and sales Jess Tyler and senior vice president of content and audience development Pam Moore.

MJBiz co-founder and chairman of the board said: “Our organization has experienced massive growth since its inception, initially as a resource to help dispensary owners better manage their business, to our current position. as the main commercial resource for the cannabis sector. ”

Farrington added: “We chose Emerald because they clearly value the unique aspects of our brand and are committed to serving the expansion of the industry.”

Upcoming MJBiz events include the Emerald Conference, February 27-March 1, 2022, and MJBizCon, November 15-18, 2022.





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