Damian Marley, son of Bob Marley, is the main shareholder of the company
The American company HighTimes Holding Corp. has bought Spannabis, the most important cannabis fair in the world, for 8 million dollars. Spannabis belonged to the Spanish company Feria del Cáñamo, owned by Carlos Palomino, who besides Spannabis, owns some magazines specialized in cannabis.
High Times is a company specialized in books and magazines edition that owns some important festivals, such as Cannabis Cup. Damian Marley, son of Bob Marley, is the main shareholder. High Times has agreed to go public in the Stock Market between March and May of 2.019.
Without any doubt, the cannabis market is growing like crazy in all the countries where it is legal. It is quite ironic that a country where marijuana remains illegal, Spain, has been hosting the most important cannabis fair in the world. Thousands of people visit Barcelona every year to see this fair. I personally have been there for the last 5 years and I can guarantee that every year the number of visitors increases. As a matter of fact, if the situation continues this way, the place should be expanded in order to be able to host so many visitors.
There is nothing you cannot find in Spannabis. Everything related to cannabis is available. From the oldest and most known companies until new ones that are trying to get a piece of the cake. Marijuana has proved to be the ultimate business for many countries and Spannabis is the best exhibitor for those who want to be part of the project.
High Times has bought Spannabis for 8 million us dollars. There are some details to solve yet, specially the agreement of the High Times shareholders, among which is the fund Oreva Capital, owned by Damian Marley. However, it seems that sooner than later the Spanish company will belong to HighTimes Holding Corp.
According to the agreement, High Times must pay 3 million dollars in cash when the deal is signed. Moreover, the American company will give La Feria del Cáñamo 4 million dollars in shares of the company. The Spanish company will continue to manage the event until 2021. For this reason, Carlos Palomino will receive 500.000 euros every year and, moreover, he will own the profits obtained during the Cannabis World Conference in 2.019.
High Times has signed an agreement according to which it will begin to operate in the Stock market between March, 31Th and May 31Th, with an estimated value of 11 dollars per share. It expects to earn about 50 million dollars with this movement.
“Spannabis is one of the most prolific events in the cannabis sector and one of the most known cannabis festivals in the world” said Adam Levin, CEO of High Times. “This acquisition will provide an additional international platform for our clients who are looking for opportunities of international exhibitions”
If everything is right, the sale of Spannabis will be completed in March 2019.