While we’re on the topic of acquisitions, the year started with a big one. Publicly traded company Emerald X acquired MJBiz for $120 million in cash. MJBiz has been long known as the longest-standing cannabis business event and one of the most trusted cannabis media outlets. Emerald X is a major player in consulting and events spanning a variety of other industries. The deal includes the acquisition of MJBizDaily, Hemp Industry Daily, and MJBizMagazine.
MJBiz broke the news on their website, sharing comments from both owners on the potential of the acquisition.
“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.”Emerald President and CEO, Hervé Sedky
MJBiz CEO Chris Walsh echoed the same ideas across all their social media accounts.
“This really highlights the rapidly growing interest in cannabis from all corners of the business world, the market’s vast potential and the success of not only MJBiz, but also of the entire industry. We’re seeing these types of deals across cannabis as pioneering companies such as ours level up to more effectively tap and foster the industry’s next wave of growth.”
MJBiz’s staff will not change in the acquisition, unlike other companies who are purchased. In the arena of cannabis events and media, that’s good news. The tone and voice of the media won’t change but, hopefully, they gain more resources to have a wider reach. In addition, that creates more opportunities for businesses that attend their events or work with their media outlets.
Alternatively, this gives MJBizCon an even stronger foothold on cannabis events. There are a few others that appear throughout the year. Most akin to Cannabis Cups and events geared directly to media or paraphernalia distributors. As far as business-2-business events and the CBD sector, MJBiz remains a powerhouse. Emerald X has been busy the last few years acquiring other trades shows and digital commerce companies. With this purchase, it would seem they are trying to cornerstone the market on trade shows altogether. Stay tuned for what unfolds there.
MJBizCon will return to Las Vegas on November 15-18. Get more ticket information here.